Speak of the Devil: Dem-Lead Lawmakers Threaten to Expose Trump's Fishy Crypto Ventures
Investigative scrutiny into potential connections between Trump's digital assets and cryptocurrencies escalates, with Democrats urging for comprehensive updates from the Treasury Department.
Get ready to spill the beans, toons! The Democrats are grilling Uncle Donald on his tangled web of crypto dealings and they ain't holding back!
They're calling on the Treasury Dept. to cough up any ol' suspicious activity reports (SARs) related to Trump-tied digital ventures since 2023. That's right, we're talking World Liberty Financial and the Official Trump token.
In a pointed letter penned on May 14, Reps. Gerry Connolly, Joe Morelle, and Jamie Raskin ain't mincing words. They're sounding the alarm on potential fraud, corruption, or even illegal activities surrounding these crypto ventures.
World Liberty Financial's WLFI token? It initially struggled to rake in the dough. But, lo and behold, it scored a boost from Justin Sun, a crypto bigwig under the SEC's microscope. Sounds fishy, right? Lawmakers sure think so.
Then there's the Trump and Melania-branded meme tokens. Trump's been playin' promoter on social media, but here's the kicker—the identities of the coin purchasers need not be publicly disclosed. That means bad actors could be enriching the Trump family under the radar, potentially including authoritarian governments and companies they control. Yikes!
Now, as Trump's crypto ventures grow, so do the concerns about their ethical and regulatory implications. In fact, this ain't the first time the cock's been crowing in Washington. Previously, his Solana-based memecoin ecosystem has drawn ire from lawmakers and even calls for an ethics investigation into a shady gala dinner linked to token holders.
Though organizers are now distancing the event from the White House, questions linger about foreign influence and political favoritism. Allegations of a "pay-to-play" model and market manipulation continue to swirl, with concerns on enforcement running high in light of the SEC's cautious stance.
The Democrats are defending their probe as a necessary venture to assess whether new legislation is needed to keep the wolves at bay—fighting campaign finance breaches, consumer protection failures, bribery, securities fraud, and other corruption-related offenses. With the heat rising in D.C., it looks like scrutiny of Trump's crypto dealings isn't fading anytime soon.
Subscribe to our daily newsletter
Ethereum: 3 Scorching Catalysts that Could Propel ETH to $5k in '25
Now, let's cool things down a bit with a glimpse into Ethereum's future! Could we be seeing ETH hit $5k in 2025? Possibly, if these three scorching catalysts light up the blockchain landscape!
- The Democrats' investigation into Trump's crypto ventures, particularly its potential violations of policy-and-legislation, could deter investors from other projects, potentially boosting Ethereum's popularity.
- The Ethereum network's transition to Proof-of-Stake (ETH 2.0) could attract more crypto companies and projects to build on its platform, increasing its use and thus its token value.
- The general news of more governments and institutions adopting crypto and blockchain technology, along with increasing interest in decentralized finance (DeFi) solutions, could drive up the demand and, consequently, the price of Ethereum tokens.
