A trio of Democrats has asked 11 company and organization leaders whether they believe that, due to ties to President Trump and his family, they qualify for immunity under the recent Trump-IRS settlement. Among the entities named as potential beneficiaries of the agreement are prediction market platforms Kalshi and Polymarket and cryptocurrency platform American Bitcoin.
The letters, signed by Senator Elizabeth Warren (D-MA), Minority Leader Chuck Schumer (D-NY), and Senate Finance Committee Ranking Member Ron Wyden (D-OR), push company leaders for answers on whether they believe they are “related or affiliated … parties” described in a May settlement between Trump and the IRS.
The settlement resolved Trump’s $10 billion lawsuit against the IRS over the unauthorized disclosure of his tax information by former IRS contractor Charles E. Littlejohn. A May 19 Justice Department order issued as part of the settlement permanently bars the IRS from auditing past tax returns of, or pursuing claims against, Trump, his family, and related companies.
The Democratic senators contend that settlement provision, “on its face,” could give Trump family-affiliated businesses “a broad and valuable get-out-of-jail-free card for any financial crimes or misconduct.”
“[T]his agreement appears to exempt a very broad group of ‘parties,’ including any company that could be deemed ‘affiliated’ or ‘related’ to the President, Eric Trump, Donald Trump Jr., or the Trump Organization,” write the lawmakers. The protection could extend to audits, criminal prosecutions, and civil enforcement actions for conduct occurring before May 19 of this year — so long as it falls under the purview of Treasury or the IRS.
The lawmakers wrote to three companies with which Donald Trump Jr. is affiliated: venture capital firm 1789 Capital, Kalshi, and Polymarket. They also contacted American Bitcoin and Foundation Future Industries, with which Eric Trump is affiliated. And they wrote to three additional entities with which both Trump brothers are affiliated: critical minerals mining firm Kaz Resources, drone-maker Powerus, and Tag Air.
The Democrats also sent inquiry letters to Trump Media and Technology Group, the Trump Organization, and World Liberty Financial — which President Trump co-founded with his sons.
Beyond whether the entities fall within the settlement’s immunity provision, the lawmakers also seek details on any federal investigations or audits related to matters occurring before May 19. In addition, they seek details on any government investigations or audits of the entities that have been dropped since that date.
The lawmakers requested responses by July 20.
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