US Representative Gerald Connolly has urged the House Oversight and Government Reform Committee to investigate President Donald Trump’s involvement in cryptocurrency ventures. Connolly's letter cites potential conflicts of interest and threatens presidential ethics and transparency.
He highlights Trump's role in launching World Liberty Financial (WLF), a crypto project inspired by Trump's vision of financial independence. Reports indicate significant investments from Justin Sun, a foreign entrepreneur investigated by the US SEC, further fueling concerns.
Connolly warns that WLF's tokens, despite not offering legitimate financial returns, could easily enable individuals and foreign entities to gain favor with Trump.
The TRUMP meme coin, launched days before Trump's inauguration, has raised additional worries. This token achieved a fully diluted valuation nearing $40 billion with a rapid surge, though it's currently trading around $37.93.
Congresswoman Maxine Waters criticized the TRUMP coin as a means to circumvent national security and anti-corruption laws, enabling anonymous transfers to Trump and his associates.