TL;DR:

  • Democratic lawmakers are preparing subpoenas and accounting record requests tied to Trump’s crypto ventures and associated entities like World Liberty Financial.
  • Representatives designated for key committees, including Jamie Raskin and Robert Garcia, plan to trigger oversight authorities and interrogate witnesses under oath.
  • The shift in the legislative balance following the November 3, 2026 elections will grant committees the formal authority to issue direct subpoenas starting in January 2027.

The Democratic Party gained control of Congress in the midterm elections held on Tuesday, November 3, and preparations have already begun to subject Trump’s crypto ventures to formal scrutiny.

The initiative involves formal requests for financial records, subpoenas for private-sector executives, and sworn testimony concerning potential institutional conflicts of interest.

The Financial Times report reveals that the inquiries will encompass corporate agreements, ownership structures, and official communications between regulatory agencies and companies connected to the presidential family. Representative Jamie Raskin, slated to take over as chairman of the House Judiciary Committee, signaled his intent to assess allegations regarding profits derived from digital asset ventures, presidential pardons granted to industry figures, and administrative actions enacted during the administration.

Meanwhile, Representative Robert Garcia, expected to lead the House Oversight Committee, confirmed intentions to subpoena accounting records from entities connected to the president’s business network. After the midterm results were confirmed, Garcia posted a public message across social platforms stating: “Lawyer up.”

Institutional scope and subpoena powers

Trump’s crypto projects

The congressional investigation plans to focus a substantial portion of its actions on World Liberty Financial, the decentralized finance protocol associated with the Trump family.

Official House documents released in late 2025 noted that this entity markets the governance token WLFI and a dollar-pegged stablecoin called USD1. Those institutional filings showed that the presidential family held an allocation of 22.5 billion governance tokens alongside revenue-sharing rights in the firm.

Data gathered from congressional filings indicates that committees will also review cross-border transactions. Among these deals is an acquisition, reported in the previous fiscal year, of a stake valued at $500 million by a member of the United Arab Emirates royal family.

The shift in legislative power formalized this November 2026 significantly alters the investigative reach of House committees. Holding the majority in these panels gives committee chairs the legal authority to issue binding subpoenas to private companies and individuals without needing approval from the White House.

The White House publicly pushed back against the early plans outlined by lawmakers, framing the announced actions as strictly partisan maneuvers.

House Minority Leader Hakeem Jeffries, projected to assume the House Speakership on January 3, 2027, pledged to introduce a legislative agenda within his first 100 hours focused on the cost of living, healthcare, and trade. Jeffries stressed in public remarks that the majority’s focus must remain centered on policies directly affecting citizens rather than partisan battles.

The formal start of hearings and official subpoenas for testimony before House panels is slated for February 2027, when the 120th U.S. Congress officially organizes its investigative units.