‘Chief crypto advocate’: Donald Trump’s connection with Pakistan crypto deal sparks US Senate probe

A Trump-backed cryptocurrency firm is facing a U.S. Senate inquiry after striking a surprise deal with Pakistan, just days before President Donald Trump claimed credit for mediating a ceasefire between India and Pakistan.

According to a report in The Indian Express, World Liberty Financial Inc (WLFI), a crypto venture majority-owned by Trump and his family, signed a Letter of Intent on April 26 with the Pakistan Crypto Council (PCC), a body created barely a month earlier. 

WLFI lists Trump, his sons Donald Jr. and Eric, and grandson Barron as part of its Web3 leadership team. Trump is listed as “Chief Crypto Advocate.”

The PCC’s founding CEO, Bilal bin Saqib, said at a global crypto summit in Las Vegas this week that Pakistan and Bitcoin are both “victims of bad PR.”

“We are looked at as dangerous, risky and unstable. But there is talent and potential here,” he said, announcing Pakistan’s plans to set up a Strategic Bitcoin Reserve.

That partnership, according to WLFI co-founder Zach Witkoff, aims to “bring diversity and financial inclusion to the next generation in Pakistan and beyond.” Witkoff is the son of Steve Witkoff, Trump’s longtime real estate ally and now special envoy on crypto affairs.

But behind the headline-friendly rhetoric, a U.S. Senate panel is asking hard questions. Since May 6—coinciding with Indian airstrikes on Pakistani terror infrastructure—the Senate Permanent Subcommittee on Investigations has requested WLFI hand over all communications with Pakistani PM Shehbaz Sharif.

The inquiry, led by Senator Richard Blumenthal, is probing “potential conflicts of interest and violations of the law” in Trump’s overseas crypto dealings.

WLFI has reportedly not complied. In a written response, its legal counsel accused regulators of “suppressing lawful innovation,” adding that “the future of finance must be shaped in Washington, not in Beijing or Moscow.”

According to SEC filings, the Trump family owns 60% of WLFI via DT Marks DEFI LLC, headquartered at Trump National Golf Club in Florida. DT Marks is entitled to 75% of WLFI’s protocol revenues and is contractually obligated to promote the firm.

Pakistan has reportedly allocated 2,000 MW of power for Bitcoin mining under the deal.