Democrats Eye Trump Family Finances, Saudi Ties, and Crypto Empire for Investigations

Several Democratic lawmakers have indicated a desire to launch investigations into members of former President Donald Trump's family and their business dealings should the party regain control of either the House of Representatives or the Senate in the upcoming November elections.

Senator Ruben Gallego, an Arizona Democrat and potential 2028 presidential candidate, stated that Jared Kushner, Trump's son-in-law, is a primary target for potential investigations. Gallego expressed concern over Kushner's business activities, particularly his firm Affinity Partners securing a $2 billion investment from Saudi Arabia's Public Investment Fund in 2021. "The President's son-in-law is negotiating with Saudi Arabia. He's negotiating on behalf of us, and also having clients in Saudi Arabia," Gallego told the Daily Mail.

Democrats have previously sought to investigate Kushner's financial ties to Gulf nations but faced resistance. Jamie Raskin, the ranking Democrat on the House Judiciary Committee, has previously questioned Kushner's dual role as a diplomat and a financial operative for Saudi Arabia. While Kushner was not subpoenaed by Democrats in the subsequent Congress regarding his business dealings, he did voluntarily testify about the January 6th Capitol attack.

Additionally, Democrats are reportedly interested in the cryptocurrency ventures founded by Donald Trump Jr. and Eric Trump, alongside Zach and Alex Witkoff. Connecticut's Richard Blumenthal, the ranking Democrat on the Senate's Permanent Subcommittee on Investigations, has identified World Liberty Financial as a firm he wishes to examine. Blumenthal also aims to scrutinize the financial connections between the Trump administration and Tether, the world's largest stablecoin issuer.

Democrats on the Senate Banking Committee have previously raised concerns about Howard Lutnick, former CEO of Cantor-Fitzgerald, and his family's financial ties to Tether. Blumenthal has alleged that Tether's stablecoin is being used by Iran to circumvent sanctions and has also facilitated money laundering and gun trafficking.

A spokesperson for Tether stated that the company welcomes congressional oversight and maintains that its cooperation with law enforcement agencies globally remains consistent regardless of political shifts. "Our approach doesn't change with the makeup of Congress," the spokesperson said, noting Tether's support for over 2,900 investigations worldwide, including more than 1,600 involving U.S. law enforcement, and assisting in freezing over $5 billion in illicit assets.

Winning either chamber of Congress would grant Democrats subpoena power, potentially leading to protracted legal challenges with Trump allies and business associates. However, Republicans remain optimistic about retaining their majority. NRSC chairman Tim Scott expressed confidence in his party's ability to hold and potentially expand their Senate majority. Missouri Republican Josh Hawley suggested that Democrats are eagerly anticipating the opportunity to launch investigations.

Kushner has previously alluded to addressing "false and misleading stories" about his work, stating he will respond "from time to time."