A Democrat lawmaker has raised the alarm that he is involved in “improper financial activities.” President Donald TrumpEspecially in regards to the recent launch of memecoins associated with him and First Lady Melania Trump and her crypto venture World Liberty Financial (WLFI).
Concerns grow over Trump’s World Liberty financial deals
Gary Connolly of the House Oversight Committee has Formally requested Investigation into Trump’s financial dealings, citing “pervasion” of conflicts of interest as 119th Congress begins.
Connolly emphasized the critical need for transparency and accountability, urging the committee to uphold the ethical standards that were central to the recently proposed Presidential Ethics Reform Act.
Addressing these issues is not just about consistency, the lawmaker said, but a fundamental test of the committee’s integrity and commitment to the American public.
Connolly’s request highlights a growing concern that President Trump may not follow ethics guidelines, pointing out that he has yet to meet basic expectations such as his release. Tax returns.
He argues that the president’s conflicts of interest are growing, especially in light of Trump’s new crypto venture, World Liberty Financial (WLF).
The platform aims to facilitate crypto transactions, but its biggest investor – Justin Sun, founder of the TRON blockchain – is reportedly under investigation by the Securities and Exchange Commission for alleged securities fraud.
A significant investment of $30 million in WLF tokens in November 2024 raised eyebrows, as it enabled Trump’s venture to surpass it. Revenue targetspotentially allowing profits to flow directly to him and his family.
Connolly argued that the WLF appeared to be a mechanism for “foreign interests and unscrupulous individuals” to curry favor with the president, allegedly blocking traditional investment routes.
An Ethical Dilemma for Trump’s Crypto Ventures?
A few days before his inauguration, Trump and his family launched The cryptocurrency token “TRUMP” is held by CIC Digital, an affiliate of the Trump Organization.
Legal disclosures indicate that these tokens should not be viewed as investment opportunities, raising ethical questions about their purpose and implications for presidential integrity, Connolly alleged.
The lawmaker further claimed that Trump was “monetizing the presidency” and paving the way for financial transactions that could directly enrich his family. Current evaluations suggest that TRUMP token Could be worth around $45 billion.
Connolly concluded the letter by emphasizing that the oversight committee must take seriously its responsibilities to ensure that no administration, regardless of power, acts above the law.
At the time of writing, the TRUMP token is trading at $37.75, a retracement of more than 50% in less than 72 hours, as investors take profits and sell the token in light of the increased scrutiny and criticism it has received. come
Featured image from NBC, chart from TradingView.com
