Trump Family Crypto Ties Under Scrutiny: Congress Demands Answers

Trump Family Crypto Ties Under Scrutiny: Lawmakers Demand SEC Probe WLFI Links

Senator Elizabeth Warren and Representative Maxine Waters requested in a letter dated April 2 that Securities and Exchange Commission (SEC) Chair Mark Uyeda furnish Congress with information regarding Donald Trump’s affiliations with World Liberty Financial (WLFI). The two lawmakers hypothesized that the company might be exerting influence over the SEC and that this conflict of interest might be impeding the agency’s ability to safeguard investors and uphold equitable and well-functioning markets.

The Trump family’s financial stake in World Liberty Financial represents an unprecedented conflict of interest with the potential to influence the Trump Administration’s oversight — or lack thereof — of the cryptocurrency industry, creating an obvious incentive for the Trump Administration to direct federal agencies, including the SEC, to take positions favorable to cryptocurrency interests that directly benefit the President’s family,

the letter

Warren & Waters Press SEC for Answers on Trump’s Stablecoin Ties

About a week had passed since WLFI declared the introduction of USD1, a stablecoin on the BNB Chain and Ethereum blockchain. Trump has, however, carried out several cryptocurrency-related initiatives and policies since January that may provide conflicts of interest, including the creation of a TRUMP memecoin and promises to create a national cryptocurrency stockpile.

Americans should be informed about Trump’s cryptocurrency endeavors and how they might affect SEC policy, a financial regulatory body that is primarily meant to be independent of the government, according to Warren and Waters. The two urged Uyeda to conserve documents and correspondence pertaining to WLFI from Trump and his family, including correspondence with the SEC.

The American people deserve to know whether their financial markets are being regulated impartially or whether regulatory decisions are being made to benefit the President’s family financial interests,

the Democratic lawmakers

In the letter, Waters restated points he made during a hearing of the House Financial Services Committee on April 2. The California lawmaker claimed that Trump could use WLFI’s stablecoin to make government payments and make money off of his presidency without any scrutiny or accountability.

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