House Democrats seek investigation into Trump's $75M crypto deal
House Democrats are pushing for an ethics investigation into President Donald Trump's cryptocurrency ventures, citing potential conflicts with his presidential duties.
Democratic Representative Gerald Connolly has formally requested the U.S. House Committee on Oversight and Government Reform to examine whether Trump's financial interests in crypto projects violate ethical standards.
In a letter addressed to the committee's Republican chair, James Comer, Connolly expressed concerns that Trump may be profiting from his World Liberty Financial (CRYPTO:WLF) platform and the Official Trump (CRYPTO:TRUMP) memecoin.
Connolly highlighted that Trump's WLF is particularly concerning due to its largest investor, Tron founder Justin Sun, who faces securities fraud charges from the Securities and Exchange Commission.
“Financial entanglements like this one raise serious national security concerns about the potential for foreign influence on U.S. policy,” he stated.
Sun's investment of $75 million into World Liberty by purchasing its token has reportedly helped the Trump family’s company exceed its revenue threshold, potentially allowing funds to flow directly to Trump.
“If such conduct is allowed to continue unchecked, it will signal to the American people that the oversight committee is unwilling or unable to enforce the standards it purports to uphold,” Connolly warned.
He further noted that without intervention from the committee, Trump is unlikely to adhere to any provisions of the Presidential Ethics Reform Act, which mandates financial disclosures and conflict-of-interest checks.
“If these reforms are to mean anything, they must be applied universally,” Connolly added.
Concerns regarding Trump's cryptocurrency initiatives were echoed by other lawmakers, including Representative Maxine Waters, who criticised the potential for bypassing national security regulations through such ventures.
“I don’t know much about it other than I launched it, other than it was very successful,” stated Trump, which has previously downplayed his knowledge of the TRUMP token launch.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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