Two senior Democratic lawmakers are urging the U.S. Securities and Exchange Commission (SEC) to preserve all records related to World Liberty Financial (WLFI), a cryptocurrency firm reportedly backed by members of former President Donald Trump’s family.
The call for transparency was made in an April 2 letter sent to acting SEC Chair Mark Uyeda by Senator Elizabeth Warren and Representative Maxine Waters.
Warren and Waters raised concerns over potential conflicts of interest tied to the Trump family’s involvement in WLFI. They serve as the top Democrats on the Senate Banking Committee and the House Financial Services Committee, respectively.
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Lawmakers Warn Trump Ties Could Undermine SEC’s Regulatory Integrity
They warned that such connections may be influencing the SEC’s regulatory approach, potentially compromising its mission to protect investors and maintain fair and orderly financial markets.
“The Trump family’s financial stake in World Liberty Financial represents an unprecedented conflict of interest,” the letter states.
“With the potential to steer federal oversight—or the lack thereof—in a direction that benefits the President’s family.”
The letter followed recent developments involving WLFI, which recently launched a stablecoin called USD1 on both the BNB Chain and Ethereum. This move came amid broader concerns over Trump’s growing involvement in the crypto space.
Since January, he has announced plans to create a national cryptocurrency stockpile and supported
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meme coin—both of which have raised eyebrows over ethics and influence.
Warren and Waters argued that the American public deserves clarity on how such personal financial interests might be shaping government policy, especially at the SEC, which is designed to operate independently of the executive branch.
They asked Chair Uyeda to preserve all internal communications related to WLFI, including any interactions with Trump, his family, and the SEC.
Waters reiterated these concerns during an April 2 House Financial Services Committee hearing, warning that Trump could potentially leverage WLFI’s stablecoin for federal use, creating a direct profit channel through his presidency.
Further scrutiny has also been directed at Uyeda’s leadership, as critics point to the SEC’s recent retreat from several enforcement actions against crypto firms. Some of these were run by individuals who reportedly contributed to Trump’s 2024 campaign.
Trump’s nominee to permanently lead the SEC, Paul Atkins, is set to appear before the Senate Banking Committee for a confirmation vote on April 3. His potential appointment could significantly influence how the commission handles crypto regulation moving forward.
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Pompliano Claims Trump May Be Fueling Market Turmoil to Sway Fed Policy
Meanwhile, Bitcoin commentator Anthony Pompliano has said that the Trump administration may be deliberately engineering market turmoil to pressure Federal Reserve Chair Jerome Powell into lowering interest rates.
In a post on X on March 10, Pompliano hypothesized that President Donald Trump and Treasury Secretary Scott Bessent are attempting to crash asset prices, forcing the Fed’s hand to reduce rates.
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Key Takeaways
- Lawmakers are urging the SEC to preserve all records related to Trump-linked crypto firm World Liberty Financial.
- Concerns have been raised over potential conflicts of interest and SEC’s regulatory independence.
- Trump’s growing crypto involvement may influence policy, market behavior, and future SEC leadership.
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