An investigative team has been created in the United States to study the conflict of interest related to President Trump‘s cryptocurrency activities, according to an appeal by Senate Democrat Richard Blumenthal.
The subcommittee is conducting a preliminary investigation into potential conflicts of interest and violations of law by President Trump’s cryptocurrency businesses, according to Blumenthal’s letters, one of which concerns the TRUMP token and another about World Liberty Financial.
Blumenthal said the companies’ actions could contribute to government ethics violations and facilitate transactions with foreign nationals who face federal prosecution, raising the possibility that the organizations could violate federal law.
The Senate Democrat requested information and records regarding the ownership and financial structure of companies linked to Trump, as well as any actions they took to address potential conflicts of interest.
Blumenthal claims that the TRUMP memecoin exhibited pump-and-dump type price volatility, resulting in a small group of insiders profiting significantly from its launch.
The senator also criticized share «Dinner with Trump,» which gives the largest token holders the privilege of dining with the country’s president. He believes it could be a way to boost sales of the tokens, which have been waning in interest.
Additionally, it is alleged that the Trump family has received significant financial benefits from the WLFI token. Accordingly, Trump’s ties to WLFI pose national security risks as the project invites foreign governments and unscrupulous individuals to join as investors.
