US Representative Gerald Connolly has called for immediate action to address concerns about President Donald Trump’s financial entanglements, particularly in the crypto space.
In a letter, Connolly asked the House Oversight and Government Reform Committee to investigate potential conflicts of interest tied to Trump’s involvement in crypto ventures, which he argues could undermine presidential ethics and transparency.
Trump’s Meme Coin: A Threat to Transparency and National Security?
Connolly’s letter focuses on Trump’s role in launching World Liberty Financial (WLF), a crypto project inspired by Trump’s vision of financial independence.
According to reports, Justin Sun, the founder of Tron, has made significant investments in WLF. Connoly said Justin Sun is a foreign entrepreneur under investigation by the US SEC for alleged securities fraud related to his own crypto ventures.
Sun’s $30 million investment in WLF tokens reportedly allowed the platform to meet its revenue target, potentially funneling money directly to Trump and his family.
“The expanding scope of President Trump—and by extension The Trump Organization’s—financial entanglements and quid pro quo promises are troubling,” Connolly wrote.
He insists that the Oversight Committee must investigate these ventures under the provisions of the Presidential Ethics Reform Act. While WLF’s tokens do not offer a legitimate financial return, Connolly warns that they present an easy mechanism for individuals and foreign entities to gain favor with the Trump family.
Trump’s other crypto involvements added to the concerns surrounding WLF. Just days before his inauguration, Trump launched a meme coin called “TRUMP.”
The TRUMP token has already garnered a fully diluted valuation nearing $40 billion. The “Official Trump” token, launched last week, experienced a rapid surge of over 1,100%, rising from $6 to $75 within a few hours. However, as of writing, it is trading at around $37.93.
When asked about TRUMP at a recent conference, the President appeared uncertain about its details.
“I don’t know where it is. I don’t know much about it other than I launched it, other than it was very successful,” Trump said.
Moreover, Congresswoman Maxine Waters said the TRUMP meme coin “represents the worst of crypto.”
“Through his meme coin, Trump has created a way to circumvent national security and anti-corruption laws, allowing interested parties to anonymously transfer money to him and his inner circle,” Waters said in a January 20 statement.
She added that anyone around the world, including individuals who have been sanctioned by the US, can now trade and profit from TRUMP.
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