Donald Trump’s cryptocurrency will be checked in the US Congress

Democrat Gerald Connolly said that Donald Trump will not comply with «any provision» of the Presidential Ethics Reform Act. The Democratic lawmaker called on the US House of Representatives' Committee on Oversight and Government Reform to investigate whether Donald Trump’s cryptocurrency projects conflict with his presidential duties.

«Trump is likely already profiting from his World Liberty Financial (WLF) platform and Official Trump (TRUMP) meme coin, potentially violating ethical standards and posing national security risks,» said Virginia Representative Gerald Connolly in a letter dated January 21 to Republican Committee Chairman James Comer.

Trump’s WLF is «particularly troubling» to the Democrat because its largest investor, Tron founder Justin Sun, is a foreign entrepreneur who was previously accused of securities fraud by the Securities and Exchange Commission (SEC).

Earlier, Sun invested $ 75 million in World Liberty by buying its token, which, according to Connolly, could be the basis for corrupt practices between them.

«Allowing these practices to continue unchecked will signal to the American people that the Oversight Committee is unwilling or unable to enforce the standards it claims to uphold,» Connolly said.

As a reminder, the American pastor Lorenzo Sewell, who read a prayer at the inauguration of the new US President Donald Trump, created a cryptocurrency that promised to be a new breakthrough in the world of meme coins. However, the value of the token dropped by almost 100% in a short time, causing significant losses to investors.