A Democratic lawmaker has sounded the alarm over what he describes as “inappropriate financial activities” linked to President Donald Trumpparticularly regarding the recent launch of memecoins associated with him and First Lady Melania Trump and her crypto business World Liberty Financial (WLFI).
Gerry Connolly of the House Oversight Committee formally requested an investigation into Trump’s financial dealings, citing a “proliferation” of conflicts of interest at the start of the 119th Congress.
Connolly emphasized the critical need for transparency and accountability, urging the committee to uphold the ethical standards that were at the heart of the recently proposed Presidential Ethics Reform Act.
The lawmaker said resolving these issues is not just a matter of consistency but a fundamental test of the committee’s integrity and its commitment to the American public.
Connolly’s request highlights growing concern that President Trump may not adhere to ethical guidelines, emphasizing that he has yet to meet basic expectations such as releasing his tax returns.
He claims presidential conflicts of interest are intensifying, especially in light of Trump’s new crypto venture, World Liberty Financial (WLF).
This platform aims to facilitate crypto transactions, but its largest investor, Justin Sun, founder of the TRON blockchain, is reportedly under investigation by the Securities and Exchange Commission for alleged securities fraud.
The significant $30 million investment in WLF tokens in November 2024 raised eyebrows, as it allowed Trump’s company to exceed expectations. revenue goalspotentially allowing profits to go directly to him and his family.
Connolly argues that the WLF appears to be a mechanism for “foreign interests and unscrupulous individuals” to curry favor with the president, allegedly bypassing traditional investment avenues.
Just days before his inauguration, Trump and his family spear the “TRUMP” cryptocurrency token, curated by CIC Digital, a subsidiary of The Trump Organization.
Legal disclosures indicate that these tokens are not intended to be considered investment opportunities, raising ethical questions about their purpose and implications for presidential integrity, Connolly asserts.
The lawmaker further claims that Trump is “monetizing the presidency” and creating opportunities for financial transactions that could directly enrich his family. Current valuations suggest that the ASSET token could be worth nearly $45 billion.
Connolly concluded the letter by emphasizing that the Oversight Committee must take its responsibilities seriously to ensure that no administration, regardless of its power, operates above the law.
At the time of writing, the TRUMP token is trading at $37.75, a retracement of over 50% in less than 72 hours, as investors flocked to take profits and sell the token being given the increased scrutiny and criticism it received.
Featured image from NBC, chart from TradingView.com
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