Several U.S. lawmakers have warned that President Trump’s crypto dealings and Elon Musk’s unchecked power endanger financial stability, weaken oversight, and erode public trust in government accountability.
US Lawmakers Sound the Alarm Over Trump’s Crypto Ties and Musk’s Expanding Power
Four U.S. senators, including Elizabeth Warren, along with Representative Jamie Raskin, sent a letter to White House Chief of Staff Susie Wiles on March 17, raising concerns over President Donald Trump’s involvement in cryptocurrency and digital assets. The letter, signed by Warren (D-MA), Richard Blumenthal (D-CT), Jeffrey A. Merkley (D-OR), Chris Van Hollen (D-MD), and Raskin (D-MD), highlights Trump’s deepening financial ties to the crypto industry.
The lawmakers stated: “Donald Trump flips on crypto: From ‘scam’ to building a ‘crypto army.’” They pointed to his TRUMP meme coin, which they said, “earned his family and business partners close to $100 million in trading fees alone in less than 14 days on the market,” as well as his company, World Liberty Financial. The letter also raises alarms about foreign influence. Additionally, they expressed concerns over Commerce Secretary Howard Lutnick’s financial ties, warning:
President Trump and Commerce Secretary Lutnick, whose firm is a major crypto investor, can discourage financial regulation of cryptocurrencies, even as unregulated crypto markets present warning signs of a bubble that could lead to another financial crash.
The senators and Raskin also warned of Tesla CEO Elon Musk’s growing influence in the federal government, which they claim has been amplified through Trump’s newly created Department of Government Efficiency. They stated: “Perhaps most concerning, President Trump has ceded power to the world’s richest man, Elon Musk, who stands to profit from the Department of Government Efficiency’s (DOGE) attempts to raze the executive branch.”
They claim that “at least 11 of the agencies with investigations, pending complaints or enforcement actions” against Musk’s businesses have been weakened, allowing him to benefit financially with little oversight. The lawmakers cited reports that the Federal Aviation Administration (FAA) may cancel a $2.4 billion contract with Verizon and instead award the deal to Musk’s Starlink, furthering concerns about self-enrichment at the expense of regulatory integrity.
The lawmakers demand immediate action to address these ethical concerns, emphasizing: “These immense financial conflicts of interest have real-world stakes for the American public. President Trump, Musk, and his appointees have multiple incentives to funnel taxpayer dollars to their own pockets, even if it means hurting the American workers President Trump claims to champion.” They urge Trump to “commit to divesting from his private business interests, as every prior president in the modern era has done,” and insist that “Mr. Musk should also be required to promptly release his financial disclosure form so that the public can understand his potential conflicts of interest.”
Concluding with a call for urgent reform, the lawmakers stated:
Even now, it is not too late for President Trump to reverse course and put our national interests ahead of his personal dealings.
The letter requests a response from the White House by March 31, outlining how it plans to address these concerns.
Meanwhile, supporters of Trump and Musk argue that their involvement in cryptocurrency and deregulation efforts fosters innovation, boosts economic growth, and reduces government overreach. Trump’s embrace of digital assets has attracted significant enthusiasm from crypto advocates who see his policies as a move toward financial independence and decentralized markets. Meanwhile, Musk’s influence over federal agencies is viewed by some as a necessary disruption to bureaucratic inefficiencies, with his supporters contending that DOGE’s reforms will streamline government operations rather than dismantle them.
