Democratic wins drag down Trump family crypto tokens

Last night, the Democratic Party beat pre-election forecasts in the midterms, winning majorities in both the House and the Senate for the next Congress. That outcome spelled bad news for digital assets tied to the Trump family.

Some have dubbed the Democratic showing a “blue tsunami,” and the result leaves President Donald Trump without a trifecta.

Some Democrats, Ron Wyden among them, have signaled they intend to make use of Congress’s oversight powers; Wyden’s social media post said only “Subpoenas.”

World Liberty Financial counts Donald Trump, Donald Trump Jr., Eric Trump and Barron Trump among its co-founders. Steve Witkoff, Trump’s special envoy to the Middle East, is also part of the founding team.

The project’s token is down roughly 3% since the first polls closed.

The meme tokens have done much worse than that governance token. $MELANIA, issued by Melania Trump, a Jeffrey Epstein associate, is down more than 5% since the polls closed, and Donald’s namesake $TRUMP has lost almost 10%.

Trump blamed Fox News for the Republican Party’s disastrous night, saying the network “bears responsibility for these losses by constantly and consistently putting on the “Dumocrat” opposition, and worse.”

Trump promised that, in place of Fox’s analysis and coverage, he is “going to become a political pundit, both good and bad, on the reasons these candidates won and lost!”