A group of U.S. lawmakers, led by Senator Elizabeth Warren, has raised alarms over President Donald Trump’s deepening financial ties to cryptocurrency and Elon Musk’s growing influence in government affairs. In a March 17 letter to White House Chief of Staff Susie Wiles, the lawmakers warned that Trump’s crypto dealings and Musk’s unchecked power could destabilize financial markets, weaken regulatory oversight, and erode public trust in government accountability.
Signed by Warren (D-MA), Richard Blumenthal (D-CT), Jeffrey Merkley (D-OR), Chris Van Hollen (D-MD), and Representative Jamie Raskin (D-MD), the letter highlights Trump’s reversal on crypto—from calling it a “scam” to actively promoting a “crypto army.”
The lawmakers cited Trump’s TRUMP meme coin, which they claim earned over $100 million in trading fees in just 14 days, and his ties to World Liberty Financial, a company heavily involved in digital assets.
“President Trump and Commerce Secretary [Howard] 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 letter warns.
Lawmakers Accuse Trump of Favoring Musk’s Interests
Beyond crypto, the lawmakers criticized Trump for allegedly ceding power to Elon Musk, whose influence has grown through the newly established Department of Government Efficiency (DOGE).
The letter claims that at least 11 federal agencies investigating Musk’s businesses have had their oversight weakened under Trump’s administration. Additionally, it raises concerns over reports that the Federal Aviation Administration (FAA) may cancel a $2.4 billion contract with Verizon in favor of awarding it to Musk’s Starlink, potentially benefiting his financial interests at the expense of regulatory integrity.
“Perhaps most concerning, President Trump has ceded power to the world’s richest man, Elon Musk, who stands to profit from DOGE’s attempts to raze the executive branch,” the lawmakers stated.
Call for Immediate Action Before March 31
The senators and Representative Raskin are demanding immediate action, calling on Trump to:
- Divest from private business interests, following the precedent set by previous U.S. presidents.
- Ensure Musk discloses his financial dealings to address potential conflicts of interest.
- Provide a formal response from the White House by March 31, outlining how these concerns will be addressed.
“These immense financial conflicts of interest have real-world stakes for the American public,” the lawmakers wrote. “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.”
Trump and Musk’s Supporters Push Back
While critics argue that Trump and Musk’s actions threaten financial stability and government transparency, their supporters see their influence as a force for innovation and deregulation.
Trump’s pro-crypto stance has won him favor among digital asset advocates, who believe his policies will boost financial independence and decentralization. Meanwhile, Musk’s backers argue that his control over DOGE’s reforms will streamline government operations rather than dismantle them.
As the March 31 deadline approaches, the battle over crypto regulation, financial ethics, and government oversight continues to intensify.
