Two democratic lawmakers in the US Senate and House of Representatives called the acting Securities and Exchange Commission (SEC) Chair Mark Uyeda to maintain information about the World Liberty Financial, the crypto firm supported by President Donald Trump’s family.
In a letter on April 2, Senator Elizabeth Warren and representative of the Maxine Waters – rank of members of the Senate Banking Committee and House Financial Services Committee, respectively – respectively – Question Uyeda to provide information to Congress based on Trump’s relationship with World Liberty Financial (WLFI). The two lawmakers have suggested that the SEC can be influenced by the firm, and “this conflict of interest can interfere with its mission to protect investors and maintain fair and orderly market.”
“Trump’s financial stake in World Liberty Financial represents an unprecedented conflict of interest with the potential to influence Trump’s administration – or its lack – of the cryptocurrency industry, creating a clear incentive for the Trump administration to direct federal agencies, including sec of cryptocurrency that will directly benefit from the President’s family, “the letter said.
April 2 letter to the SEC Chair Mark Uyeda. Source: Financial Home Service Committee
The letter came almost a week after WLFI announced it had Launched a stablecoinUSD1, in the BNB chain and Ethereum blockchain. However, since January, Trump has followed many crypto policies and projects with potential conflicts of interest, including plans to establish a national cryptocurrency stockpile and the launch of a Trump memecoin.
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According to Warren and Waters, Americans deserve transparency about Trump’s crypto adventures and how they can influence the SEC policy, a financial regulation agency that is further intended to be the administration’s independent. The two called on Uyeda to maintain WLFI -related records and communications from Trump and his family, as well as communicating with Sec.
“Americans should be aware of whether their financial markets are regulated or if regulatory decisions are made to benefit the financial interest in the President’s family’s family,” democratic lawmakers wrote.
The letter re -enacted arguments made at a hearing on the financial service committee on April 2. California lawmaker said that without the supervision and responsibility, by Trump I -Install WLFI’s stablecoin For government payments and earn directly from his position as president. Many other lawmakers and financial experts throughout the political spectrum have Expressed concern over the potential conflicts of Trump’s interest with the crypto industry.
SEC leadership under Trump
Since Trump appointed Uyeda as acting chair, the SEC has Dropped investigations and execution actions In many crypto companies, those with executives directly contributed to the President’s 2024 campaign.
Paul Atkins, Trump’s choice to lead the SEC after Uyeda, is expected to face a vote on the Senate Banking Committee on April 3. If the Atkins nomination moved to the committee, the entire room would decide if he would confirm.
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