Democrats in the United States House of Representatives are calling for a probe of Donald Trump’s cryptocurrency operations, raising concerns about potential conflicts of interest and national security implications. Representative Gerald Connolly has asked the House Oversight Committee to look into Trump’s involvement in enterprises including World Liberty Financial (WLF) and the TRUMP memecoin, alleging that these ventures may violate ethical norms and transparency regulations.
Connolly voiced special alarm about WLF’s ties to Justin Sun, a foreign entrepreneur being investigated by the Securities and Exchange Commission (SEC) for possible securities fraud. Sun’s $75 million investment in the project reportedly helped the Trump-backed platform exceed its revenue targets, sparking concerns about financial ties and potential foreign influence on US policy.
The debut of the TRUMP memecoin has also sparked criticism. Critics see the coin, which was introduced only two days before Trump’s inauguration, as a means of evading anti-corruption rules and potentially permitting anonymous financial contributions to Trump’s close circle. Connolly’s letter to the committee emphasized the dangers these practices represent to ethical government, urging quick action to preserve the standards established by the Presidential Ethics Reform Act.
Democratic politicians, notably Representative Maxine Waters, have expressed similar worries, saying that Trump’s projects could damage the validity of the broader crypto business while allowing foreign actors to wield excessive influence. Despite Trump’s vows to place bitcoin on his agenda, detractors argue that his actions favor personal gain over public benefit.
As the debate continues, pressure grows on the Oversight Committee to address these claims and guarantee that ethical standards are universally enforced, regardless of political affiliation.
