Democratic Senators Elizabeth Warren of Massachusetts and Jack Reed of Rhode Island sent a letter to Attorney General Pamela Bondi and Treasury Secretary Scott Bessent requesting a formal investigation into the Trump-backed World Liberty Financial, a United States Senate Committee on Banking, Housing, and Urban Affairs press release explains.

In the letter, the senators argue that the platform may present national security risks and lacks sufficient controls to prevent illicit finance. In the letter, the lawmakers cite findings from a September 2025 report by Accountable.US, which analyzed blockchain data associated with WLFI’s governance token sales. According to the report, WLFI allegedly sold tokens to wallets with prior connections to individuals or entities facing U.S. sanctions.

One allegation specifies a trader whose wallet had engaged in dozens of transactions with an address later linked to North Korea’s Lazarus Group. The senators also point to token purchases tied to wallets interacting with Iran’s largest digital asset exchange, sanctioned Russian crypto instruments, and dozens of addresses previously involved with the mixing service Tornado Cash.

The Senators’ press release states:

“[W]e must ensure that crypto interests do not profit at the expense of U.S. national security and that illicit actors are not handed the keys to financial platforms that they can later exploit.”

At that same time in September, it was reported that WLFI blacklisted around 272 cryptocurrency wallets. Warren and Reed say these patterns raise questions about whether WLFI maintains adequate anti–money laundering and sanctions-screening processes. They argue that governance token sales could allow high-risk participants to influence platform decisions or launder funds, especially because they believe a Trump-affiliated entity reportedly receives a substantial share of token revenue.

Their letter asks the DOJ and Treasury Department to outline any ongoing or planned enforcement actions by Dec. 1, warning that insufficient oversight could “supercharge illicit finance activity.” At present, no public responses from WLFI, the Trump family, or federal agencies have been reported. Sen. Warren’s involvement in the WLFI inquiry fits her long-running position as one of Congress’ most persistent critics of cryptocurrency.

She has framed digital assets as a structural threat to consumers and national security, repeating concerns about money laundering, sanctions evasion, and criminal misuse while arguing the industry resists the same rules applied to banks. Her critics, including many within the crypto industry, insist Warren’s approach is disproportionately adversarial and shaped by an ideological belief that digital assets introduce more risks than benefits.

They point to her “anti-crypto army” messaging, her reliance on high-profile examples of financial misconduct, and her alignment with banking interests that favor stricter rules on digital asset firms. Whether viewed as principled caution or entrenched skepticism, her stance has positioned her at the center of nearly every major congressional push for stricter crypto regulation—and the WLFI inquiry represents the latest extension of that role.

• What prompted the senators’ letter?
  They asked federal officials to investigate WLFI after reports suggested its token sales reached wallets tied to past sanctions activity.
• What risks did the senators cite?
  They raised concerns about insufficient safeguards to prevent illicit finance and potential national security exposure.
• Who is connected to WLFI?
  WLFI lists President Trump and several family members in senior founding roles.
• What happens next?
  The senators requested DOJ and Treasury responses by Dec. 1 outlining any planned enforcement steps.

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