Democrats push back against Trump’s growing crypto empire
Jonathan Raa | Nurphoto | Getty Images
Democrats turned up the pressure on President Donald Trump‘s cryptocurrency ventures this week and the fortune that he and his family are making off the efforts as a vote rolls forward on a key crypto bill.
Thursday’s vote on the GENIUS ACT, a bill to establish federal rules for stablecoins, will be a test of how far the crypto lobby‘s influence goes after it heavily backed Trump’s 2024 presidential campaign.
Even with limited power, Democrats are calling for probes into Trump-connected coins and backers, seeking financial records and blocking legislation.
On Capitol Hill Tuesday morning, California Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, walked out of a hearing on digital asset allocation flanked by fellow Democrats, effectively shutting it down.
That same morning, Sen. Richard Blumenthal, D-Conn., sent letters announcing an initial inquiry into the Trump family’s expanding crypto empire, calling the Trump meme coin dinner contest a “pay-for-play scheme.”
Blumenthal, the ranking member of the Senate’s Permanent Subcommittee on Investigations, demanded records from Fight Fight Fight LLC. — the company behind the $TRUMP meme coin — and World Liberty Financial, a family-run crypto venture that recently announced plans to launch a stablecoin.
He called for documentation on ownership, revenue flows, and all communications with the White House, citing what he described as “unprecedented conflicts of interest and national security risks.”
Last month, the project ran a promotion offering top $TRUMP holders a dinner with the president and a “VIP White House tour,” a promise that sent the token’s price soaring after weeks of decline.
“President Trump’s financial entanglements to the $TRUMP coin, as well as the attempted use of the White House to host competitions to prop up the value of $TRUMP, represents an unprecedented, pay-to-play scheme to provide access to the Presidency to the highest bidder,” Blumenthal wrote.
Roughly 80% of the $TRUMP token supply is controlled by the Trump Organization and affiliates, according to the project’s website.
One of Blumenthal’s letters was addressed to Bill Zanker, the entrepreneur behind Fight Fight Fight, which controls a large portion of the $TRUMP token supply.
With the White House and both chambers of Congress controlled by Republicans, Democrats have little ability to push a legislative agenda or to lead investigations into potential malfeasance. But they’re betting that a coordinated effort to call out what they view as corruption in a formerly niche corner of the financial markets will resonate with a voter base that’s already souring on the president’s economic policies.
The White House responded to Blumenthal’s inquiry with a short statement from Deputy Press Secretary Anna Kelly to CNBC’s “Crypto World.”
“President Trump’s assets are in a trust managed by his children. There are no conflicts of interest,” she wrote.
Waters on Tuesday convened a Democrat-only session focused squarely on Trump’s meme coin and World Liberty Financial. Her decision to derail the primary hearing came after Rep. French Hill, R-Ark., chair of the House Financial Services Committee, rejected her request to include provisions in the Digital Asset Market Structure Bill aimed at blocking Trump from further profiting off digital assets while in office.
“I object to this joint hearing because of the corruption of the president of the United States — and his ownership of crypto and his oversight of all the agencies,” Waters said.
Kelly responded to Waters, saying that Trump was working to make America the “crypto capital of the world.”
‘Cultivate influence’
Waters introduced a discussion draft that would ban the president and members of Congress from owning crypto assets or financially benefiting from them.
In the Senate, Democrats on Tuesday unveiled the “End Crypto Corruption Act,” spearheaded by Sens. Jeff Merkley of Oregon and Chuck Schumer of New York, meant to prohibit elected officials and senior executive branch personnel and their families from issuing or endorsing digital assets.
“Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls,” Merkley said. “This is a profoundly corrupt scheme. It endangers our national security and erodes public trust in government.”
“Our democracy shouldn’t be for sale,” said Schumer, the Senate minority leader.
The bill has already garnered backing from key Senate Democrats and endorsements from watchdog groups including Public Citizen and Democracy Defenders Action.
Merkley and Sen. Elizabeth Warren of Massachusetts sent a letter this week to the Office of Government Ethics, demanding an urgent review of a reported deal between World Liberty Financial, crypto exchange Binance and a UAE state-backed fund called MGX. The senators warned that the deal could represent a “staggering conflict of interest,” violate federal bribery laws and raise national security concerns.
Abu Dhabi-based MGX is using the Trump stablecoin for a $2 billion investment in Binance, Reuters reported.
Warren also sent a letter to the OGE questioning a White House waiver granted to David Sacks, the White House AI and crypto czar.
Sacks, a venture capitalist who co-hosted a $1.5 million-a-head fundraiser this week for a Trump-aligned super PAC, reportedly splits his time between advising the president on crypto policy and running a firm with active investments in the digital asset space.
Under federal ethics law, such financial entanglements would typically bar him from shaping policy in the same sector.
But the Trump administration issued an ethics waiver asserting that Sacks’ holdings were “not so substantial” as to compromise his judgment — a claim Warren called unverifiable. In her letter, Warren demanded clarity from the OGE on whether it reviewed the waiver and whether Sacks still holds crypto-related financial interests that pose a conflict of interest.
Sacks said he sold over $200 million worth of digital asset-related investments personally and through his firm, Craft Ventures, before starting the job, according to a memo from the White House in March.
Legislation is becoming harder
The GENIUS Act was moving toward a Senate floor vote with bipartisan support until the weekend, when nine Senate Democrats pulled back, citing weakened anti-money laundering safeguards and new fears that Trump’s inner circle could financially benefit from the policy shift.
Democratic Sens. Ruben Gallego of Arizona, Mark Warner of Virginia, Andy Kim of New Jersey, and Lisa Blunt Rochester of Delaware, among others, said in a statement that they remained open to negotiation but wouldn’t support the bill in its current form.
“We are eager to continue working with our colleagues,” they wrote, but noted “we would be unable to vote for cloture should the current version of the bill come to the floor.”
Chris Dixon, General Partner at Andreessen Horowitz, discusses cryptocurrency during the TechCrunch Disrupt forum in San Francisco, October 2, 2019.
Kate Munsch | Reuters
The crypto industry is lobbying to push it forward.
“The GENIUS Act will protect consumers and increase transparency — a significant improvement on the status quo,” said Chris Dixon, managing partner in Andreessen Horowitz’s crypto practice, in a post on X. “Moving quickly on this and a market structure bill would provide long-overdue clarity for consumers and the industry so that we entrench dollar dominance and the U.S. remains the leader in blockchain technology.”
Stripe, which recently acquired stablecoin infrastructure startup Bridge Network for $1.1 billion, has also backed the bill. The company said as part of a press release on Tuesday that it “supports the development of a clear, consistent regulatory framework for stablecoins and welcomes the growing bipartisan interest in this issue.”
WATCH: Jack Mallers looks to rival Strategy with new bitcoin company backed by Tether and SoftBank
The Radar R6 was China’s first mass-market 100% electric pickup. Now, it’s rolling out overseas into new markets. The R6 is already the top-selling EV pickup in China, but will it win over buyers in global markets?
This Chinese EV pickup is headed for new global markets
Volvo owner, Geely, launched Radar in 2022, claiming it’s “China’s first pure electric outdoor lifestyle brand.” A few months later, it launched its first vehicle, the Radar R6, starting at about $25,000 (178,800 yuan)
The R6 is a fully electric pickup based on Geely’s SEA platform, which underpins Volvo’s electric minivan, the EM90, sold in China.
It’s available with three battery pack options: 63 kWh, 86 kWh, and 100 kWh, for a CLTC range of up to 392 miles (632 km).
Over the last two years (2023 to 2025), Radar R6 was China’s top-selling electric pickup, accounting for over 50% of the market. Following its success, Geely began exporting models to new markets like Thailand under the name Riddara.
Riddara is now sold in over 50 countries and regions, including parts of Europe, the Middle East, Asia, Central, and South America.
“In 2025, Geely Riddara will enter a new phase of global cooperation,” the brand’s CEO, Mr Ling Shiquan, said during a conference earlier this year.
The rugged EV brand plans to expand in growing markets like Thailand, Saudi Arabia, and Brazil, aiming to sell 30,000 models with “NEV pickup market leadership in every region.” Most recently, Geely signed a deal with Capital Smart Motors (CSM) to sell the EV pickup in Pakistan.
Radar claims the R6 (RD6) is “more than just a pickup” with the unique ability to drive like an SUV. The global version is available in rear and all-wheel-drive powertrains.
The more powerful AWD variant features up to 6,600 lbs (3,000 kg) towing, 32.1″”wading, and a 4.5-second acceleration from 0 to 100km/h (0 to 62 mph).
To give you a comparison, the Tesla Cybertruck AWD model has a 325-mile (EPA) range, 11,000-lb towing capacity, and a 0 to 60 mph time of 4.1 seconds.
In China, Radar launched a cheaper electric truck, dubbed King Kong. It starts at 99,800 yuan, or around $13,700. It’s available in RWD and AWD powertrains and has a CLTC range of up to 375 miles (605 km).
Would you buy Radar’s (Riddara) electric pickup for around $25,000? Let us know what you think of it in the comments below.
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It’s about the size of the Tesla Model Y. The EV5 is already a hit in China. Now, Kia is about to launch the global model. With its official debut coming up, Kia’s electric SUV was spotted for the first time with a few noticeable upgrades.
Meet the new electric SUV
Kia first unveiled the EV5 at the Chengdu Motor Show in 2023. A few months later, the electric SUV officially went on sale in China, starting at just over $20,000 (149,800 yuan).
The EV5 is 4,615 mm long, 1,875 mm wide, and 1,715 mm tall, or roughly the same size as the Tesla Model Y (4,750 mm long, 1,978 mm wide, 1,624 mm tall). It’s also significantly cheaper in China. The new Model Y starts at 263,500 yuan ($36,500).
Kia’s base model has a CLTC range of 329 miles (530 km) from a 64.2 kWh BYD Blade battery. The longer-range model gets up to 447 miles (720 km) from an 88.1 kWh battery.
In comparison, the new Tesla Model Y has a CLTC driving range of up to 368 miles (593 km). The Long-range AWD model starts at 313,500 yuan ($43,400) and has a range of up to 447 miles (719 km).
The EV5 is already leading Kia’s comeback in China. Last year, Kia sold over 200,000 vehicles for the first time in four years, ranking first among joint venture brands. The electric SUV was one of the main growth drivers.
When will Kia launch the EV5 global model?
Kia launched the EV5 in several global markets last year, including Australia and New Zealand. Recent sales figures from TheDriven show that the electric SUV was the fourth top-selling EV in Australia through April, with 1,509 units sold.
Through the first four months of 2025, the EV5 trails only the Tesla Model Y (3,394), Model 3 (2,266), and MG MG4 (1,698) through April. However, these models are made in China and exported by Kia’s joint venture, Yueda Kia Motors.
Kia is preparing to launch production of the global version of the EV5 later this year at its Autoland Gwangju manufacturing plant in South Korea.
According to TheKoreanCarBlog, it will be the first exclusive electric car built at the facility, codenamed “OV1” internally.
With mass production scheduled for the third quarter of 2025, we are finally getting our first look at the Kia EV5 global model. New images from Autospy reveal several noticeable upgrades from the current version built in China.
Despite the camouflage, you can see a few updated design elements, including alloy wheels, pulled from Kia’s new EV6 and EV9.
The interior has been refined with an updated center console to attract buyers outside of China. You can also expect to see Kia’s latest ccNC infotainment system with dual 12.3″ navigation and driver display screens in a panoramic curved setup.
It will also drop the lower-cost LFP battery in favor of a higher-density NCM option, which could raise prices in other markets.
Kia will launch the EV5 global version in new markets, including South Korea, Europe, and Canada. Sadly, it’s not expected to arrive in the US.
The company confirmed earlier this year that the EV5 will be “exclusively for the Canadian market” in North America. It will be sold with FWD and AWD powertrains and two battery sizes: 60.3 kWh or 81.4 kWh, offering up to 500 km (310 miles) range.
What do you think of Kia’s electric SUV? Would you buy one over the Tesla Model Y? Let us know in the comments below.
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Tesla (TSLA) has lost its head of the Indian market just as the automaker is rumored to finally enter India after several false starts.
Tesla has been trying to enter the Indian automotive market for years, but it has been unable to circumvent the country’s protectionist efforts, which include high import duties on foreign vehicles.
The Indian government wanted Tesla to build a factory in the country, but the automaker preferred to first establish a market in the country through imported vehicles before investing in a manufacturing facility in the country.
Last year, we reported that India finally reached a compromise on its import duties on cars, opening the door for Tesla and other EV automakers to launch in the country.
The deal involves significantly reducing import duties for a limited number of electric vehicles as long as the automaker makes a significant investment and commitment to build an electric vehicle factory in India in the coming years.
It looked like Tesla had a hand in making that deal happen, considering the automaker was working closely with the government, and there were indications that Tesla would take them up on the deal.
However, it has been more than a year since India announced the program, and Tesla has yet to take them up on it.
Tesla did make moves toward entering the Indian market. It started hiring service and sales staff earlier this year and considered locations in New Delhi and Mumbai.
The automaker also tested some of its electric vehicles in India, but that also happened years ago, when Tesla was first supposed to enter the Indian market, and it didn’t happen.
We have been burned before. We will believe Tesla’s entry into the Indian market when it finally happens.
If it is happening, it’s not off to a good start as Tesla has reportedly lost its head of country in India, Prashanth Menon, just ahead of the supposed market launch.
Menon had been at Tesla since 2016. He held roles in business planning until 2021, when he was made head of Tesla in India.
Bloomberg now reports that Menon left and that Tesla’s Chinese team has been put in charge of the Indian market.
Electrek’s Take
At this point, I’m in the “I’ll believe it when I see it” phase of Tesla’s Indian market entry. It seemed to be on the verge of happening 2-3 times and never happened.
To be fair, it does look like this time is closer than ever, but then Tesla loses its country head, and it’s not like the timing for entering the Indian market looks great with the country seemingly being on the verge of a new war with Pakistan.
We will keep an eye on it.
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