U.S. Sen. Warren signals sweeping probes of Big Tech and Wall Street; China AI chips also face regulation

[Financial News correspondent Lee Byung-chul in New York] U.S. Democrats, who won control of both the House and Senate in the midterm elections, are expected to launch sweeping investigations targeting Big Tech companies, Wall Street financial firms and the Trump family’s cryptocurrency businesses. In particular, Democratic Sen. Elizabeth Warren, who is set to chair the Senate Banking Committee, plans to tighten export controls on advanced artificial intelligence (AI) chips to China and pursue regulations on prediction markets.
According to CNBC on the 9th (local time), Warren plans to make easing the cost-of-living burden, tightening restrictions on AI chip exports to China and strengthening oversight of prediction markets among the key priorities of the Senate Banking Committee in the new Congress, which convenes next January.
An aide to Warren on the Senate Banking Committee told CNBC that “Warren is preparing an aggressive oversight and investigation plan” and said she had asked CEOs of Big Tech companies, Trump administration officials and executives at Wall Street financial firms to preserve relevant documents.
The Democrats won a sweeping victory in the midterm elections on the 3rd and will take control of key committees in both chambers starting next January. This will allow them to set each committee’s legislative agenda and use their subpoena power to summon senior government officials and corporate executives to Congress and demand sworn testimony.
The Senate Committee on Banking, Housing, and Urban Affairs oversees a broad range of areas, including federal monetary policy, banking and export controls. Warren’s appointment as chair is therefore expected to intensify congressional pressure across the U.S. financial and technology industries.
The area drawing the most attention is the regulation of AI chip exports. Warren plans to tighten restrictions on advanced AI chips exported to China while also establishing a new regulatory framework for the AI industry in the United States. This has raised the possibility that U.S. chipmakers such as NVIDIA, which are seeking to expand their businesses in the Chinese market, could face additional regulatory pressure.
Cryptocurrency and prediction markets are also among the key targets for regulation. Warren has described the oversight gap in the prediction-market industry as a “Wild West-style unregulated state” and plans to push for tighter rules. She previously joined Republican Sen. John Curtis in sending letters to Kalshi and Polymarket, requesting information on safeguards and oversight systems for election-related prediction markets.
The Trump family’s cryptocurrency businesses are also expected to come under investigation. Warren urged people involved in the family’s cryptocurrency businesses, Big Tech CEOs and executives at Wall Street financial firms to prepare for congressional investigations and preserve relevant documents. There is speculation that the Democrats could use their congressional subpoena power to closely examine potential conflicts of interest between the Trump family and private companies.

[email protected] Correspondent Lee Byung-chul Reporter