Democrats Call for Ethics Probe on Trump Over Crypto Projects
U.S. Rep. Gerald Connolly is calling for immediate action to address concerns about President Donald Trump’s financial entanglements, particularly in the cryptocurrency space.
In a letter, Connolly asked the House Oversight and Government Reform Committee to investigate potential conflicts of interest related to Trump’s involvement in cryptocurrency investments, which he argued could undermine the president’s ethics and transparency.
Trump’s Meme Coin: A Threat to Transparency and National Security?
Connolly’s letter Focus on Trump’s role Launch of World Free Finance (WLF), Crypto projects inspired by Trump’s vision of financial independence.
According to reports, Sun Yuchen, Founder of Troninvested heavily in WLF. Connolly said Sun is a foreign entrepreneur who is under investigation by the U.S. Securities and Exchange Commission for alleged securities fraud related to his own cryptocurrency venture.
Sun invests $30 million in WLF The token reportedly enables the platform to meet its revenue goals, potentially funneling funds directly to Trump and his family.
“The expanding scope of President Trump’s and the Trump Organization’s financial entanglements and quid pro quo is troubling,” Connolly wrote.
He insisted that oversight committees must investigate the companies under provisions of the President’s Ethics Reform Act. although WLF’s tokens do not provide legitimate financial returnsConnolly warned that they provide an easy mechanism for individuals and foreign entities to gain favor with the Trump family.
Trump’s other Cryptocurrency involvement fuels concerns Surrounding WLF. Just days before taking office, Trump announced A meme coin called “Trump.””
The fully diluted valuation of the TRUMP token is close to $40 billion. “Trump Official” TokenThe product, which launched last week, experienced a rapid surge of more than 1,100%, going from $6 to $75 in a matter of hours. However, as of this writing, it is trading at around $37.93.
when Trump was asked at a recent meetingthe president seemed unsure of the details.
“I don’t know where it is. I don’t know much about it, except that I launched it, other than that it was very successful,” Trump said.
Additionally, Congresswoman Maxine Waters said the Trump meme coin “represents the worst of cryptocurrency.”
“Through his memecoin, Trump has created a way to circumvent national security. Safety Waters said in a statement on January 20: statement.
She added that anyone around the world, including individuals subject to U.S. sanctions, can now transact with Trump and profit from it.
Disclaimer
follow trust project BeInCrypto is committed to fair and transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on the content of this article. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
