The ranking Democrat on the House Oversight Committee, Gerald Connolly, urged an investigation against President Donald Trump for his alleged “serious conflicts of interest” related to the president’s cryptocurrency business.
In one letter sent to James Comer, head of the government’s Oversight and Reform Committee, Connolly maintains that Trump carries with him these conflicts of interest and that we must “act quickly and in a bipartisan manner to establish ethics rules for the Trump White House that meet our shared standards.”
Connolly argues that Influence peddling “is proliferating enormously.” According to the congressman, Trump’s cryptocurrency platform, World Liberty Financial (WLF), “provides a particularly worrying example,” since, remember, WLF’s largest investor is a foreign businessman who is being investigated by the Securities and Exchange Commission. Securities (SEC) for alleged securities fraud.”
This refers to Justin Sun, the founder of the Tron network, who became the largest shareholder of WLF after investing USD 30 million in that platform, as reported by CriptoNoticias last year.
The purchase by Sun, the politician continues, “allowed Mr. Trump’s company to reach, and then exceed, its self-determined income threshold, which could begin funneling cash directly to President Trump and his family.”
Trump’s memecoin also in the crosshairs
Connolly He also talked about the TRUMP memecoinwhich was released three days before the presidential inauguration. According to that politician, legal disclosures surrounding TRUMP indicate that the tokens “are not intended to be viewed as an investment opportunity, investment contract or security of any kind.”
He further said that ethics experts have already raised “serious concerns” that President Trump “is literally profiting from the presidency, creating a financial instrument so that people can transfer money to the president’s family in connection with his office.” .
In that order, Connolly points out that “the increasing scope of financial entanglements and promises of quid pro quo of President Trump—and, by extension, the Trump Organization—are troubling.”
TRUMP, the American president’s memecoin, was launched on January 17 and experienced a significant price increasegoing from USD 7 to an all-time high of USD 75 in 24 hours before settling at USD 38, as reported by CriptoNoticias.
Anthony Scaramucci, a former White House communications director, he questioned the memecoin, considering that the most dangerous aspect of that currency is that “anyone globally can effectively deposit money into the bank account of the president of the United States with just a few clicks.”
The criticism of TRUMP is not the only one from this Democratic politician. On the day of Trump’s inauguration, Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee, expressed alarm about this memecoin.
Waters declared: “Through his meme cryptocurrency, Trump has created a way to circumvent national security and anti-corruption laws, allowing interested parties to transfer money anonymously to him and his inner circle.”
He added that buyers “could include large corporations, allied nations that are pressured to show their ‘respect’ for the president, and our adversaries, such as Russia and China, who have much to gain by influencing a Trump presidency.”
