Senate Democrats have demanded a detailed explanation from Steve Witkoff, the special envoy to the Middle East, about his personal interests in cryptocurrency.
Ethics Disclosure Shows Stakes In Crypto Businesses
On Wednesday, Sen. Adam Schiff (D-Calif.) and seven other senators sent a letter to Witkoff, asking to explain why his latest ethics disclosure showed he still owned stakes in a Trump-linked cryptocurrency as well as other crypto business entities.
"Your failure to divest your ownership in these assets raises serious questions about your compliance with federal ethics laws and, more importantly, ability to serve the American people over your own financial interests," wrote the senators.
The letter was also signed by other senators, including Ron Wyden (D-Ore.), Andy Kim (D-N.J.), Richard Durbin (D-Ill.), Catherine Cortez Masto (D-Nev.), Gary Peters (D-Mich.), Elissa Slotkin (D-Mich.), and Cory Booker (D-N.J.).
The senators have given Witkoff until October 31 to respond to their letter.
Continued Scrutiny
Witkoff, who co-founded the crypto business World Liberty Financial with President Donald Trump in 2024, had previously stated his intention to fully divest from the project. However, his most recent ethics disclosure, dated Aug. 13, revealed that he has not yet sold his crypto holdings.
This is not the first time Witkoff’s crypto interests have come under scrutiny. In September, Sen. Elissa Slotkin (D-Mich.) had demanded an investigation into potential conflicts of interest involving Witkoff and David Sacks, another Trump administration official, and their ties to the World Liberty Financial cryptocurrency venture.
Meanwhile, the Trump family has reportedly amassed over $1 billion in pre-tax profits from their crypto ventures, which have expanded significantly since Trump’s return to the presidency.
World Liberty Financial is set to launch a crypto debit card by early 2026, CEO Zach Witkoff said.
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