Democratic Sen. Richard Blumenthal of Connecticut said on Thursday that that he didn’t possess evidence as of now that President Donald Trump committed insider trading, despite suggesting the possibility that he was guilty of the charge.
Democratic Sens. Adam Schiff of California and Ruben Gallego of Arizona made the allegation in letters sent to White House chief of staff Susie Wiles and United States Trade Representative Jameison Greer, Fox News reported. Blumenthal was asked if he had evidence proving Trump committed insider trading, to which he replied that he didn’t but that there were “indications” that he might be guilty of the offense.
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“There are strong indications of manipulation and insider trading in the volatility and the sales that we’ve seen and the purchases – there are strong indications of impropriety of illegality in market manipulation or insider trading,” Blumental claimed. “I think it needs to be investigated by the SEC. I have no confidence that that agency in this administration will do its duty. Congress may have to fill the void.”
“We have tools to ask for information, and if Republicans block us or they fail to cooperate, I think the American people will see them as complicit in illegal market manipulation or insider trading,” Blumenthal added when asked what Democrats could do in a Republican-controlled Congress. “The failure of the SEC to look into it, should prompt Congress to do so, and the Republicans blocking it will make them complicit.”
Stocks climbed sharply higher after Trump announced a 90-day pause on reciprocal tariffs via a Wednesday post on Truth Social that also announced substantial increases in tariffs on Chinese exports to the United States, saying 75 countries had asked to talk. Blumenthal was asked if he had any proof that Trump or administration officials had engaged in improper trades.
“Just the indications and trading patterns and the knowledge that people in the White House, this administration had prior knowledge of what the president would do,” Blumenthal said. “It’s at least the mandate for some kind of investigation.”
“I’m not alleging there has been market manipulation or insider trading, just the opportunity and indications of it,” Blumenthal continued. “And there should be an inquiry into what exactly happened.”
Andi Napier contributed to this report.
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