A Democrat lawmaker has raised alarms over what he describes as “inappropriate financial activities” linked to President Donald Trump, particularly in regards to the recent launch of memecoins related to him and First Lady Melania Trump and its crypto enterprise World Liberty Financial (WLFI). 

Concerns Grow Over Trump’s World Liberty Financial Dealings

Gerry Connolly of the House Oversight Committee, has formally requested an investigation into Trump’s financial dealings, citing a “proliferation” of conflicts of interest because the 119th Congress commences. 

Connolly emphasized the critical need for transparency and accountability, urging the committee to uphold ethical standards that were central to the recently proposed Presidential Ethics Reform Act. 

The lawmaker stated that addressing these issues isn’t merely about consistency but a fundamental test of the committee’s integrity and its commitment to the American public.

Connolly’s request highlights a growing concern that President Trump may not adhere to moral guidelines, mentioning that he has yet to satisfy basic expectations equivalent to releasing his tax returns. 

He contends that presidential conflicts of interest are escalating, particularly in light of Trump’s recent crypto enterprise, World Liberty Financial (WLF). 

This platform goals to facilitate crypto transactions, but its largest investor–Justin Sun, founding father of the TRON blockchain–is reportedly under investigation by the Securities and Exchange Commission for alleged securities fraud.

The numerous investment of $30 million in WLF tokens in November 2024 raised eyebrows, because it enabled Trump’s enterprise to surpass its revenue goals, potentially allowing profits to flow on to him and his family. 

Connolly argues that WLF appears to be a mechanism for “foreign interests and unscrupulous individuals” to realize favor with the President, allegedly circumventing traditional investment routes.

Ethical Dilemma For Trump’s Crypto Ventures?

Just days before his inauguration, Trump and his family launched the cryptocurrency token “TRUMP,” which is organized by CIC Digital, an affiliate of The Trump Organization. 

Legal disclosures indicate that these tokens will not be intended to be viewed as investment opportunities, raising ethical questions on their purpose and the implications for presidential integrity, Connolly alleges.

The lawmaker further claims that Trump is “monetizing the presidency” and creating avenues for financial transactions that might enrich his family directly. Current valuations suggest that the TRUMP token could possibly be value nearly $45 billion.

Connolly concluded the letter by stressing that the Oversight Committee must take its responsibilities seriously to be certain that no administration, no matter power, operates above the law.

On the time of writing, the TRUMP token is trading at $37.75, a retracement of over 50% in lower than 72 hours, as investors flocked to take profits and sell the token given the increased scrutiny and criticism it has received.

Featured image from NBC, chart from TradingView.com