Lawmakers Call on SEC to Maintain Records Regarding Trump-Associated Crypto Company World Liberty Financial

A pair of prominent Democratic representatives are pressing the U.S. Securities and Exchange Commission (SEC) to safeguard all documentation concerning World Liberty Financial (WLFI), a cryptocurrency enterprise allegedly supported by individuals within former President Donald Trump’s family.

This call for accountability was articulated in a letter dated April 2 addressed to acting SEC Chair Mark Uyeda, authored by Senator Elizabeth Warren and Representative Maxine Waters.

Warren and Waters expressed apprehensions regarding possible conflicts of interest associated with the Trump family’s connection to WLFI. They long-term holding the positions of leading Democrats on the Senate Banking Committee and the House Financial Services Committee, respectively.

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Lawmakers Alerted to How Trump Associations Could Diminish SEC’s Regulatory Trustworthiness

They cautioned that such affiliations might be affecting the SEC’s regulatory stance, which could undermine its objective to safeguard investors and uphold equitable and orderly financial markets.

“The Trump family’s financial connection to World Liberty Financial signals an extraordinary conflict of interest,” the letter articulates.

“With the possibility to guide federal oversight—or its absence—in a manner that favors the President’s family.”

This letter came in light of recent occurrences involving WLFI, which has recently introduced a stablecoin named USD1 on both the BNB Chain and Ethereum. This initiative took place amid increasing concerns regarding Trump’s escalating involvement in the cryptocurrency sector.

Since the beginning of January, he has revealed intentions to establish a national crypto asset reserve and voiced price floor for a meme coin—both of which have raised ethical and influence-related questions.

Warren and Waters contended that the American populace deserves insight into how such personal financial interests may be shaping public policy, particularly within the SEC, which is intended to function independently from the executive branch.

They requested Chair Uyeda to retain all internal communications associated with WLFI, including any correspondences with Trump, his family, and the SEC.

Waters reiterated these worries during an April 2 session of the House Financial Services Committee, cautioning that Trump could potentially hack WLFI’s stablecoin for federal applications, presenting a direct avenue for profit through his presidency.

Increased scrutiny has also been placed on Uyeda’s management, as critics cite the SEC’s recent withdrawal from multiple enforcement actions against cryptocurrency companies. Several have been led by individuals who reportedly donated to Trump’s 2024 campaign.

Trump’s candidate to permanently head the SEC, Paul Atkins, is scheduled to appear before the Senate Banking Committee for a confirmation vote on April 3. His potential appointment could bring substantial alterations in how the commission approaches cryptocurrency regulation in the future.

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Pompliano Suggests Trump May Be Instigating Crypto market Disruption to Influence Fed Policy

In the meantime, Bitcoin analyst Anthony Pompliano has claimed that the Trump administration could be intentionally creating market instability to urge Federal Reserve Chair Jerome Powell to decrease interest rates.

In a post on X on March 10, Pompliano speculated that President Donald Trump and Treasury Secretary Scott Bessent are trying to drive asset prices down, thereby forcing the Fed’s decision to lower rates.

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The post Lawmakers Market demand SEC Preserve Records on Trump-Linked Crypto Firm World Liberty Financial appeared first on 99Bitcoins.