Several U.S. lawmakers have warned that President Trump's crypto dealings and Elon Musk's unchecked power endanger financial stability

Four U.S. senators, including Elizabeth Warren, along with Representative Jamie Raskin, sent a letter to White House Chief of Staff Susie Wiles on March 17, raising concerns

Several U.S. lawmakers have expressed concerns over President Donald Trump’s crypto dealings and Elon Musk’s expanding power, which they say endangers financial stability, weakens oversight, and erodes public trust in government accountability.

In a letter to White House Chief of Staff Susie Wiles on March 17, four senators—Elizabeth Warren, Richard Blumenthal, Jeffrey A. Merkley, and Chris Van Hollen—along with Representative Jamie Raskin, raised issues with Trump’s involvement in cryptocurrency and digital assets.

The lawmakers highlighted Trump’s deepening financial ties to the crypto industry. They noted Trump’s TRUMP meme coin, which they said earned his family and business partners nearly $100 million in trading fees in less than 14 days on the market, and his company, World Liberty Financial. They also expressed concerns over Commerce Secretary Howard Lutnick’s financial ties.

“President Trump and Commerce Secretary 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 senators and Raskin warned.

The lawmakers, who are all Democrats, also expressed concerns over Tesla CEO Elon Musk’s growing influence in the federal government, which they said has been amplified through Trump’s newly created Department of Government Efficiency (DOGE).

“Perhaps most concerning, President Trump has ceded power to the world’s richest man, Elon Musk, who stands to profit from the Department of Government Efficiency’s (DOGE) attempts to raze the executive branch,” they wrote.

They claim that at least 11 of the agencies with investigations, pending complaints or enforcement actions against Musk’s businesses have been hit by the DOGE. They add that the agency heads appointed by Trump have ties to private equity firms, hedge funds, and large corporations.

The lawmakers further cited reports that the Federal Aviation Administration (FAA) may cancel a $2.4 billion contract with Verizon and instead award the deal to Musk’s Starlink, adding to concerns over self-enrichment at the expense of regulatory integrity.

The lawmakers demanded immediate action to address these ethical concerns.

“These immense financial conflicts of interest have real-world stakes for the American public. 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,” they wrote.

They urged Trump to commit to divesting from his private business interests, as every prior president in the modern era has done, and insisted that Mr. Musk should also be required to promptly release his financial disclosure form so that the public can understand his potential conflicts of interest.

“Even now, it is not too late for President Trump to reverse course and put our national interests ahead of his personal dealings,” they concluded.

The lawmakers requested a response from the White House by March 31, detailing how it plans to address their concerns.

Meanwhile, supporters of Trump and Musk argue that their involvement in cryptocurrency and deregulation efforts fosters innovation, boosts economic growth, and reduces government overreach. Trump’s embrace of digital assets has attracted significant enthusiasm from crypto advocates who see his policies as a move toward financial independence and decentralized markets.

Those in favor of Trump’s administration’s stance on financial institutions highlight how the president’s policies have led to a booming stock market and low unemployment rates.

Musk’s supporters, on the other hand, maintain that the billionaire’s administrative role is crucial for streamlining government operations. They see the DOGE’s reforms as an endeavor to improve efficiency and reduce wastefulness within the federal agencies. Their view is that these agencies will be able to perform their duties more effectively with less interference from political interests.