Trump-Linked Companies 'On Edge' Ahead of U.S. Midterms, Scramble to Prepare for Congressional Probes

Ahead of the U.S. midterm elections, companies linked to President Donald Trump's family are successively bringing on lawyers and lobbyists. They are preparing for the possibility of sweeping investigations into alleged conflicts of interest between the Trump family's businesses and government policy if Democrats gain control of Congress.

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According to Bloomberg and The Washington Post (WP), among others, on Oct. 26 (local time), companies in cryptocurrency, venture capital, defense and critical minerals with business ties to the Trump family are strengthening their legal and lobbying capabilities in preparation for congressional investigations after the midterm elections.

Some companies appear to be preparing for a shift in the balance of power in Congress by bringing on lawyers and lobbyists with ties to Democratic lawmakers.

Democrats have already begun investigating alleged conflicts of interest, including by demanding documents from companies with close ties to the Trump family.

One prominent target of the investigations is World Liberty Financial (WLF), a cryptocurrency platform co-founded by President Trump and his sons.

Financial disclosure documents show that President Trump earned $594 million from the company alone last year, equivalent to approximately 788 billion won. Allegations of conflicts of interest have been raised over deals including the purchase of a 49% stake in World Liberty for $500 million by an investment firm backed by the United Arab Emirates' national security adviser.

1789 Capital, a venture capital firm with President Trump's eldest son, Donald Trump Jr., as a partner, is also being mentioned as a target of the investigations.

Democrats are focusing on how Vulcan Elements, a rare-earth magnet manufacturer backed by the firm, received loan support from the U.S. Department of Defense. Vulcan Elements has retained a specialist lawyer and hired separate lobbying firms in preparation for a congressional investigation.

Polymarket and Kalshi, prediction-market companies linked to the Trump family, have also brought on lobbyists with ties to Democrats.

Trump Media & Technology Group, which operates President Trump's social media platform Truth Social, is also at the center of controversy.

The company sells a service that provides President Trump's Truth Social posts to Wall Street trading firms more quickly, for up to $100,000 a month. Allegations of conflicts of interest have been raised because President Trump announces major policies affecting financial markets, including tariffs and the war with Iran, through Truth Social.

The scope of the Democratic investigations is not limited to companies with direct business ties to the Trump family. According to WP, technology and defense companies that have built close ties with the Trump administration, including Palantir, Anduril, OpenAI and Meta, are also being mentioned as potential targets.

SpaceX and Tesla, led by Elon Musk, could also be included in the Democratic investigations.

However, the Trump family and the companies linked to it maintain that all of their business activities are legal. White House communications aide Lauren Bis countered that Democrats are focused solely on political attacks targeting President Trump instead of policies aimed at improving Americans' lives.

This content was produced with the assistance of AI translation services.