Democratic lawmakers warn of corruption in President Donald Trump’s cryptocurrency business

The crypto industry is waiting for President Donald Trump to issue an executive order that will move the federal government toward a new, more welcoming era for digital asset oversight. This will be good for Trump’s business, and it’s one reason Democrats in the House of Representatives are already calling out the administration’s ethical lapses.

A Trump executive order on crypto is expected to increase the value of at least two components of Trump’s family business: crypto firm World Liberty Financial and the eponymous token (TRUMP) launched just before his return to the White House. Gerry Connolly, the top Democrat on the House Oversight Committee, called for an investigation into the president’s business dealings in a letter sent to the committee’s Republican chairman one day into Trump’s new term.

“This committee must take immediate action to investigate serious conflicts of interest

Donald Trump carries with him the office of president,” he wrote in his request, which is not expected to lead to a formal review of the Republican Party leader, who demands the loyalty of top Republican Party officials. “The scope of action President Trump’s growing financial entanglements and promises of quid pro quo are troubling. »

Earlier, as Trump’s oath still echoed in the Capitol Rotunda, Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, expressed concern about the US coin. Trump.

“Through his meme coin, Trump created a way to circumvent national security and anti-corruption laws, allowing interested parties to anonymously transfer money to him and his entourage,” Waters said in a press release dated January 20. “Buyers could include major corporations, allied countries that are eager to show their ‘respect’ for the president, and our adversaries, like Russia and China, who have much to gain from influencing Trump’s presidency.”

Waters argued that the token not only undermines Trump, but taints the entire industry, “which has long fought for legitimacy and a level playing field with other financial institutions.”

The California Democrat worked for months with former committee chairman Patrick McHenry on a stablecoin regulation bill, but they failed to reach a bipartisan compromise. Waters will still be able to weigh in on the crypto bills during this session.

Although Trump has promised swift action on cryptocurrency upon his return to the White House, the crypto industry is not yet among those benefiting from the wide range of executive orders the president has already signed. The most significant action of the revamped U.S. government so far is the creation of a crypto task force by Acting Securities and Exchange Commission Chairman Mark Uyeda.

Read more: SEC forms new crypto task force led by Hester Peirce