Two Democratic legislators in the US Senate and the House of Representatives, Chairman of the Securities and Exchange Committee (SEC), Mark Uida, called for the information related to the world freedom, the encryption company backed by President Donald Trump’s family.
In a speech on April 2, Senator Elizabeth Warren and actor Maxine Waters – Classification of members of the Senate Banking Committee and the Financial Services Committee in the House of Representatives, respectively – to request Uyeda to provide information to Congress based on Trump’s relationships with World Liberty Financial (WLFI). The legislators suggested that SEC be affected by the company, and “conflicts of interests may interfere in its mission to protect investors and maintain fair and organized markets.”
“The Trump family’s financial share in World Liberty Financial is an unprecedented conflict of interests with the ability to influence the supervision of the Trump administration – or its lack – in the cryptocurrency industry, which creates a clear incentive for the Trump administration to direct federal agencies, including the Supreme Education Council, to favorable sites for encrypted interests that benefit from the President’s family.”
April 2, a letter to the Acting SEC president, Mark Oida. source: Financial Services Committee in the House of Representatives
The message came almost a week after the WLFI announced that it launched Stablecoin, USD1, on the BNB and Ethereum Blockchain series. However, since January, Trump has followed many cryptocurrencies and projects with a possible conflict of interests, including plans to create a national storage of encrypted currency and the launch of Mimikoin Trump.
Related to: Crypto has an organizational capture problem in Washington – or is it? According to Warren and Waters, Americans deserve transparency on Trump encryption projects and how they can affect politics in the Supreme Education Council, a financial organizational agency aimed at being independent of the administration. The two called Uyeda to maintain the records and communications related to Trump and his family, as well as contacts with the Supreme Education Council. Democratic lawmakers wrote: “The American people deserve to know whether their financial markets are organized with integrity or whether organizational decisions are taken in favor of the family’s financial interests of the president.” The letter repeated the arguments that the water presented at the hearing of the Financial Services Committee in the House of Representatives on April 2. The legislator in California said that without control and accountability, Trump can install Stablecoin from WLFI for government payments and profit directly from his position as president. Many other legislators and financial experts across the political spectrum have expressed concern about Trump’s potential conflict in the coding industry. Since Trump was appointed as a prosecutor, SEC has dropped investigations and enforcement procedures in many encryption companies, including those with executives who directly contributed to the President’s Campaign for 2024. Paul Atkins is expected to face Trump’s choice to head the Supreme Council for Education after Uyeda, a vote in the Senate Banking Committee on April 3. If ATKINS nomination comes out of the committee, the full room will decide whether to be confirmed. magazine: Trump’s encryption projects raise conflicts in interests, trading questions from the inside
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