Legislators support dry for more details on Trump’s cryptographic connections

One day of pay of $ 400 million linked to the Trump family is now the objective of a growing political fire storm, which, according to legislators, could compromise the integrity of American financial regulations.

On April 2, senator Elizabeth Warren (D-Ma) and the representative Maxine Waters (D-CA) sent a joint letter to the acting president of the Sec, Mark Uyeda, demanding “All files and communications concerning World Liberty Financial, Inc.”, the Crypto company founded by Trump Associates and strongly promoted by the family of President Donald Trump.

In a scathing four -page letterThe main legislators of the Senate financial services and financial services have declared that the deep financial involvement of the family with the cabinet “represents an unprecedented conflict of interest with the potential to influence the surveillance of the Trump administration – or its absence – of the cryptocurrency industry.”

The letter urges the dry to preserve and provide files dating from October 15, 2024, when WLFI began to sell its WLFI $ token through an exemption of exempt titles which has already brought back $ 550 million.

Dry deposits and investigation statement Show WLF is closely affiliated with Donald Trump, Donald Trump Jr. and Eric Trump through an entity called DT Marks Defi LLC.

The Trump family has a complaint at 75% of token income, a estimated payment of $ 390 million To date, and 60% of the future profits of operations.

The legislators also questioned the steep decision of the dry to suspend his application file against the founder of Tron Justin Sun, who, as investor, paid $ 75 million in the WLFI after being accused of fraud in 2023.

Under the interim president Mark Uyeda, the dry went from the aggressive application to a more practical approach, a break or drop several crypto lawsuitsIncluding business against Coinbase, Kraken, Uniswap Labs and Opensea, among others.

In February, the dry quietly interrupted His case against the sun, which has aroused concerns about regulatory favoritism.

Warren and Waters asked the SEC to preserve “all the internal memorandums justifying the initial application decision”, including the registers of meetings and communications between SEC managers and representatives of Justin Sun or the Trump family.

The legislators also asked to preserve “communications, suggestions or directives” made by the White House or the Trump family, if necessary, the dry concerning the WLFI or the case of Sun, and if the agency has consulted ethical officials concerning investments in cryptography of the Trump family.

Stablecoin vote stamulating the partisan confrontation in the middle of Trump links

The tensions around Trump’s cryptographic links broke out on Wednesday in Capitol Hill as a chamber financial services committee pass The stable act in a vote of 32–17 – a bill that would create a regulatory framework for stable.

The WLFI supported by Trump announced the launch of its stablecoin, USD1, a few days earlier, while legislators were preparing to vote on legislation, overlap further fed concerns on political influence.

The Democrats proposed changes to prohibit the president and senior officials from launching these financial products during their mandate. All were rejected by the Republican majority.

In this context, Warren and Waters have concluded their letter without any letter, “the American people deserves whether their financial markets are regulated in an impartial manner or if regulatory decisions are made for the benefit of the president’s family interests.”

The dry has until April 14 to answer. Until then, the debate on the regulation of cryptography, now tangled with allegations of presidential interests, shows no signs of cooling.

Edited by Sebastian Sinclair