Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Lawmaker Demands Oversight of Trump’s Cryptocurrency Ventures

Lawmaker Demands Oversight of Trump’s Cryptocurrency Ventures

Cryptodnes2025/01/24 05:33
By:Cryptodnes

Concerns are mounting over potential ethical violations and national security risks tied to Donald Trump’s involvement in cryptocurrency ventures, prompting a Democratic lawmaker to demand an investigation.

Representative Gerald Connolly of Virginia has called on the House Oversight Committee to examine whether Trump’s financial dealings through his crypto platform, World Liberty Financial (WLF), and the recently launched TRUMP memecoin could conflict with his responsibilities.

Connolly has raised alarms about the platform’s financial backers, particularly Justin Sun, the founder of Tron, who is facing charges from the SEC for alleged securities fraud. Sun’s $75 million investment in WLF reportedly helped the venture exceed its revenue targets, potentially channeling funds directly to Trump. Connolly warned that such ties open the door to undue foreign influence on U.S. policy, underscoring the risks these financial entanglements pose.

The lawmaker also criticized Trump for seemingly ignoring the Presidential Ethics Reform Act, a law designed to ensure financial transparency and prevent conflicts of interest. Without proper oversight, Connolly argued, the standards meant to hold public officials accountable would be rendered meaningless. He urged the committee, led by Republican Chair James Comer, to act swiftly in addressing these issues.

READ MORE:
Circle CEO Predicts Trump Will Empower Banks to Embrace Digital Assets

Adding fuel to the controversy, Trump’s team introduced the TRUMP memecoin just days before his presidential inauguration, a move that sparked criticism from ethics experts who questioned whether he was leveraging his position for personal gain. When pressed about the token during a press event, Trump downplayed his involvement, stating that he knew little about it aside from its apparent success.

0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Strategy flags profitability risk amid bitcoin volatility, may be exposed to greater tax liabilities than anticipated

Strategy made a profitability warning in its annual report on Tuesday, particularly if there is a significant decrease in the market value of its bitcoin holdings.The firm also warned it may be exposed to greater tax liabilities than anticipated, confirming unrealized fair value gains on its bitcoin could be subject to taxation.

The Block2025/02/18 16:22

Bitcoin market in 'lethargic condition' not seen since before US election, says K33

Bitcoin remains in a low-volatility regime, with risk-averse traders driving down yields, volumes, and futures premiums, though K33 Research warns such conditions rarely last long.Analyst Vetle Lunde notes that while a pro-crypto Trump administration is a long-term tailwind, market uncertainty persists, and traders should remain cautious until a clear directional signal emerges.

The Block2025/02/18 16:22