Lawmaker Demands Oversight of Trump’s Cryptocurrency Ventures

Concerns are mounting over potential ethical violations and national security risks tied to Donald Trump’s involvement in cryptocurrency ventures, prompting a Democratic lawmaker to demand an investigation.

Representative Gerald Connolly of Virginia has called on the House Oversight Committee to examine whether Trump’s financial dealings through his crypto platform, World Liberty Financial (WLF), and the recently launched TRUMP memecoin could conflict with his responsibilities.

Connolly has raised alarms about the platform’s financial backers, particularly Justin Sun, the founder of Tron, who is facing charges from the SEC for alleged securities fraud. Sun’s $75 million investment in WLF reportedly helped the venture exceed its revenue targets, potentially channeling funds directly to Trump. Connolly warned that such ties open the door to undue foreign influence on U.S. policy, underscoring the risks these financial entanglements pose.

The lawmaker also criticized Trump for seemingly ignoring the Presidential Ethics Reform Act, a law designed to ensure financial transparency and prevent conflicts of interest. Without proper oversight, Connolly argued, the standards meant to hold public officials accountable would be rendered meaningless. He urged the committee, led by Republican Chair James Comer, to act swiftly in addressing these issues.

Adding fuel to the controversy, Trump’s team introduced the TRUMP memecoin just days before his presidential inauguration, a move that sparked criticism from ethics experts who questioned whether he was leveraging his position for personal gain. When pressed about the token during a press event, Trump downplayed his involvement, stating that he knew little about it aside from its apparent success.