The results of last week’s midterm elections, in which Democrats took control of both chambers of Congress, have been brutal for crypto tokens and stocks tied to President Donald Trump and his family. Official Trump (TRUMP), MELANIA, and World Liberty Financial’s WLFI governance token all hit new all-time lows following the results. Additionally, shares of Trump Media & Technology Group (DJT) and American Bitcoin (ABTC), a publicly traded mining company tied to the family, sold off sharply and were still well below their pre-election levels on Tuesday.

This market reaction is a preview of an uglier political problem for these businesses once the new Democratic-controlled Congress convenes next year. Senator Elizabeth Warren, who advertised a plan to build an “anti-crypto army” during her 2023 re-election campaign, is widely expected to chair the Senate Banking Committee in January, a post that comes with subpoena power and control of the committee’s hearing calendar. Two early signals of how she may use that gavel have already surfaced, and both point at Trump-linked crypto projects.

A person familiar with Warren’s thinking told Reuters she will likely probe the Office of the Comptroller of the Currency’s (OCC) August decision on a bank charter for World Liberty Financial. That decision was a preliminary, conditional approval to charter World Liberty Trust Company. The proposed bank would issue and redeem World Liberty’s USD1 stablecoin, hold reserves, and provide digital-asset custody, but final approval is still pending.

On Monday, an unnamed Warren Banking Committee aide also told Politico , “Big Tech CEOs, Administration officials, Trump family crypto businesses, Wall Street executives, and giant corporations should preserve their documents and prepare to answer tough questions.”

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