U.S. lawmakers urge the SEC to provide information about the crypto company backed by the Trump family.

Two lawmakers in the U.S. Senate and House of Representatives have called on the Acting Chair of the Securities and Exchange Commission (SEC), Mark Uyeda, to provide information related to World Liberty Financial, a crypto company backed by the family of President Donald Trump.

In a letter dated April 2, Elizabeth Warren and Maxine Waters, senior members of the Senate Banking Committee and the House Financial Services Committee, requested that Uyeda provide information to Congress regarding Trump's relationship with World Liberty Financial (WLFI).

These two lawmakers believe that the SEC may be influenced by this company and that "conflicts of interest may be hindering its mission to protect investors and maintain fairness and order in the market."

"The Trump family's financial stake in World Liberty Financial is viewed as an unprecedented conflict of interest that could influence the Trump administration's oversight, or lack thereof, of the crypto industry, creating an incentive for the Trump administration to direct federal agencies, including the SEC, to take positions favorable to the cryptocurrency space, directly benefiting the President's family," the letter stated.

Letter dated April 2 addressed to SEC Chairman, Mark Uyeda | Source: House Financial Services CommitteeThe letter was sent about a week after WLFI announced that they had launched the USD1 stablecoin on the BNB Chain and Ethereum blockchain. However, since January, Trump has implemented several policies and projects that may pose conflicts of interest, including a plan to establish a national crypto reserve and launch the TRUMP memecoin.

According to Warren and Waters, Americans deserve to know about Trump's cryptocurrency projects and how they may affect policy at the SEC, the independent financial regulatory agency.

Two individuals are calling for Uyeda to preserve records and communications related to WLFI from Trump and his family, as well as communications with the SEC.

"The American people deserve to know whether their financial markets are being managed fairly or whether management decisions are being made to benefit the President's family financially," wrote Democratic lawmakers.

The letter recalls the argument made by Waters during the House Financial Services Committee hearing on April 2. The California lawmaker stated that without oversight and accountability, Trump could establish WLFI's stablecoin to make payments to the government and directly benefit from his position as president.

Many lawmakers and other financial experts in the political sphere have expressed concerns about Trump's potential conflicts of interest with the crypto industry.

SEC Leadership Under Trump

Since Trump appointed Uyeda as acting chairman, the SEC has dropped investigations and enforcement actions against several cryptocurrency companies, including those whose executives contributed directly to the president's 2024 election campaign.

Paul Atkins, who was chosen by Trump to be the chairman of the SEC after Uyeda, is expected to face a vote in the Senate Banking Committee on April 3. If Atkins' nomination is approved by the committee, the full council will decide whether to confirm his appointment or not.

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Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.

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