Emily Walker
A Democratic representative has voiced concerns regarding what he deems “improper financial practices” associated with President Donald Trump. This is particularly focused on newly launched memecoins related to him and First Lady Melania Trump, along with their cryptocurrency initiative named World Liberty Financial (WLFI).
Rising Concerns Over Trump’s World Liberty Financial Activities
Gerry Connolly, a member of the House Oversight Committee, has officially requested an inquiry into Trump’s financial actions, citing numerous conflicts of interest as the new Congress begins.
Connolly highlighted the urgent need for transparency and ethical accountability, urging the committee to maintain the standards proposed in the recent Presidential Ethics Reform Act.
He remarked that resolving these matters is not only about maintaining consistency but is also a critical test of the committee’s trustworthiness and its responsibility to the American people.
His request underscores concerns that President Trump may not be following ethical codes, noting his failure to fulfill basic obligations, like disclosing his tax returns.
Connolly argues that conflicts of interest for the presidency are on the rise, especially regarding Trump’s latest cryptocurrency enterprise, World Liberty Financial (WLF).
This new platform focuses on enabling cryptocurrency transactions; however, the major investor, Justin Sun—who founded the TRON blockchain—is reportedly under scrutiny by the Securities and Exchange Commission for alleged fraud involving securities.
The notable investment of $30 million in WLF tokens in November 2024 drew attention, suggesting that Trump’s venture exceeded its revenue projections, possibly allowing profits to directly benefit him and his family.
Connolly insisted that WLF seems to offer “foreign entities and questionable individuals” a way to curry favor with the President, potentially bypassing conventional investment methods.
Trump’s Crypto Initiatives Raise Ethical Questions
Days before his inauguration, Trump and his family introduced the cryptocurrency token “TRUMP,” organized by CIC Digital, a branch of The Trump Organization.
Legal documents reveal that these tokens are not to be considered as investment opportunities, raising ethical concerns regarding their intent and the potential impact on presidential integrity, according to Connolly.
He further accused Trump of “monetizing the presidency” and establishing channels for financial transactions that might enrich his family. Current estimates indicate the TRUMP token could be valued at nearly $45 billion.
In his letter’s conclusion, Connolly emphasized that the Oversight Committee must take its duties seriously, ensuring that no administration, regardless of influence, operates outside the law.
As of now, the TRUMP token is being traded at $37.75, a decline of over 50% within a span of 72 hours, as investors rushed to cash in and sell amid the growing scrutiny and criticism it faced.
Image courtesy of NBC, chart provided by TradingView.com