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Investing.com -- Democratic lawmakers have requested the U.S. Securities and Exchange Commission (SEC) to maintain records related to President Donald Trump’s cryptocurrency venture, World Liberty Financial, according to a report from Reuters.
The request was made in a letter to the SEC’s acting Chairman Mark Uyeda, seeking information to understand if the Trump family’s financial interest in World Liberty is influencing the Commission’s activities.
The letter was signed by Senator Elizabeth Warren, the ranking member of the U.S. Senate’s banking committee, and Representative Maxine Waters, the ranking member of the U.S. House of Representatives’ financial services committee. The lawmakers’ letter does not provide any legal authority to enforce its requests but highlights the potential conflict of interest due to the president’s businesses.
As per a recent report, World Liberty Financial, under the control of the Trump family, has raised over half a billion dollars in recent months. The Trump family now has a claim on 75% of net revenues from token sales of World Liberty and 60% from operations once the core "decentralized finance" business starts. This arrangement entitles the Trump family to about $400 million in fees. Over half of the $550 million that World Liberty has collected so far was raised from buyers purchasing $1 million or more in $WLFI tokens, which are not tradable.
The lawmakers’ letter also requests the SEC to preserve any records or communications from the White House to the SEC regarding World Liberty, including a list of Trump family members and their business partners. It asks about procedures to prevent the Trump family’s financial ties to the crypto industry from influencing the SEC’s decisions.
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