Last night, the Democratic Party outperformed expectations in the midterm elections, securing control of both the House of Representatives and the Senate in the next Congress. This turned out to be bad news for Trump family cryptocurrencies.
The Democrats’ performance, which some have dubbed a “blue tsunami,” means President Donald Trump will no longer have a trifecta.
Some Democrats, including Ron Wyden, have signaled they intend to take advantage of Congress’ oversight role, with him taking to social media to post simply “Subpoenas.”
Read more: ANALYSIS: Mapping Donald Trump’s growing crypto empire
World Liberty Financial was co-founded by several members of the Trump family, including Donald Trump, Donald Trump Jr., Eric Trump, and Barron Trump. Its founding team also includes Steve Witkoff, Trump’s special envoy to the Middle East.
This token has fallen approximately 3% since the first polls closed.
The memecoins performed substantially worse than this governance token. $MELANIA, issued by Jeffrey Epstein-associate Melania Trump, has fallen more than 5% since polls closed, while Donald’s eponymous $TRUMP has fallen nearly 10%.
Trump has blamed this disastrous night for the Republican Party on Fox News, claiming that it “bears responsibility for these losses by constantly and consistently putting on the “Dumocrat” opposition, and worse.”
To replace Fox analysis and coverage, Trump has promised that he’s “going to become a political pundit, both good and bad, on the reasons these candidates won and lost!”
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