Lawrence Delevinne, Michelle Conlin, Tom Wilson, Tom Belgine
WASHINGTON (Reuters) – He asked U.S. securities regulators on Wednesday to keep records related to President Donald Trump’s crypto venture world Liberty Financial, raising questions about potential conflicts of interest.
In a letter sent to Mark Weda, chairman of the Securities and Exchange Commission, seen by Reuters, the lawmaker requested information that “it will help you better understand the extent to which Trump’s financial interest in global free finance is affecting you and the committee’s activities.”
Sen. Elizabeth Warren, a ranking member of the US Senate Banking Committee, and Sen. Maxine Waters, a ranking member of the US House Financial Services Committee, signed a letter this week citing a Reuters report on the crypto project.
Republicans have a majority in both the U.S. House and Senate, limiting Democrats’ ability to call formal hearings and conduct investigations. A letter from a member of Congress to the SEC, a White House spokesperson did not cite any legal authority to ensure that agencies adhere to their demands in an email statement that “President Trump’s assets lie in the trust that is managed by his children.”
The House Financial Services Committee, led by Republicans, looked into laws Wednesday regulating the wider adoption of crypto stables. The Trump White House has identified promoting their use as a legislative priority.
Reuters on Monday documented how Trump’s family dominated crypto ventures as global Liberty Financial raised more than $5 billion in recent months, and industry experts grabbed most of those funds, supported by governance terms of pro-pro-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fore-fo
Overall, the Trump family now charges 75% of net revenue from global freedom token sales, and 60% from operations as the core “decentralized finance” business moves. The deal means the Trump family is currently entitled to a fee of around $400 million, Reuters reported. The SEC did not respond to requests for comment. President Trump’s three sons, either, were not all named in the letter. The same was true of the co-founders of the world’s Liberty listed in the letter, including a pair of crypto entrepreneurs. Steve Witkoff envoy to the Middle East of the Trump administration. And one of Witkov’s sons
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