US lawmakers express concerns over a potential conflict of interest in regulating the Trump family’s crypto project, World Liberty Financial (WLF).
Lawmakers Claim Trump Crypto Ventures Present Issues
Senators Elizabeth Warren and Maxine Waters have requested information from the Acting SEC Chair regarding the Trump family's WLF project. They argue that the family's financial stake could create a regulatory conflict influencing the Trump administration’s oversight of the crypto industry.
Lawmakers Demand Transparency
Warren and Waters stated that the American public deserves to know whether financial markets are being regulated impartially or in the Trump family's financial interest. At a House Financial Services Committee hearing, Waters emphasized the need for oversight of the WLF project to prevent its stablecoin from being used for government payments.
SEC Halts Cases Against Crypto Companies
The letter follows the SEC's decision to drop several cases against crypto companies after Trump appointed a new acting chair. Companies like Coinbase, Gemini, Consensys, and Uniswap have seen investigations and actions ended by the regulator.
This case highlights the importance of transparency in regulatory processes of the crypto market and the necessity for lawmakers to oversee potential conflicts of interest.
