Two Democratic legislators have requested the American Securities and Stock Exchange Committee (SEC) to maintain the records of World Liberty Financial (WLFI).
In a speech on April 2, Senator Elizabeth Warren and actor Maxine Waters raised concerns about the conflict of potential interests arising from the Trump family’s participation in the project.
Fears about the influence of the Trump family
Located in particular interrogation Whether the Family’s financial relations with WLFI may affect SEC activities under the leadership of representative President Mark Oida. The message states that the investigation seeks to determine “whether this conflict of interests may interfere in its mission to protect investors and preserve fair and organized markets.”
Last month, World Liberty Financial recorded more than $ 500 million in sales of the exempt securities code, WLFI. According to the document, the President’s family has a demand of 75 % on net revenue from the distinctive symbol sales and 60 % of the project operations, which currently authorizes it to about 400 million dollars as fees.
Warren Waters called Trump’s stake in WLFI “unprecedented conflicts in interest” that could affect the government’s supervision of the encryption industry. They also argued that it gives them a “clear incentive” to direct federal agencies, including the Supreme Education Council, towards the encryption policies that the President’s family benefits from.
SEC Resolution on the Sun’s case
The letter also examined the decision of the organizer in February to stop its case against Justin Sun, who invested $ 75 million in WLFI. The politicians asked the agency to preserve “all the internal notes that justify the initial enforcement decision”, including the records of meetings and communications between its officials and SUN representatives or the Trump family.
In addition, they asked the International Financial Supervisory Agency to retain “communications, suggestions or directions” from the White House or the Trump family regarding the WLFI or Sun.
They also asked whether he had consulted with ethics officials regarding the family’s investments in Trump and requested copies of any policies in force to prevent unjustified influence from the President’s relatives.
According to the document, the American people have the right to know whether the financial markets are organized fairly or if decisions are taken to serve personal interests.
The investigation follows the session of the Financial Services Committee in the House of Representatives on April 2 on the organization of Stablecoin. The government mentioned its intention to give priority to the organization and integration of Stablecoin.
During the session, Wetters opposed the draft law unless it includes provisions that prevent Trump or its subsidiaries from possessing the Stablecoin source, on the pretext that he “puts a dangerous precedent that benefits the president and those familiar with it.” Her comments followed the WLFI March 25 advertisement on her plan to launch Stablecoin from the US dollar.
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