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Democratic lawmakers warned the Securities and Exchange Commission (SEC) about a conflict of interest in its regulation of the Trump family’s DeFi project, World Liberty Financial (WLF).
Senators Elizabeth Warren and Maxine Waters asked Acting SEC Chari Uyeda in an April 2 letter to safeguard and hand over information related to the Trumps’ WLF project to Congress.
They said the information would help them better understand whether the conflict of interest may be interfering with the SEC’s mission ”to protect investors and maintain fair and orderly markets.”
Lawmakers Claim Trump Crypto Ventures Present A Conflict Of Interest
“The Trump family’s financial stake in World Liberty Financial represents an unprecedented conflict of interest with the potential to influence the Trump Administration’s oversight — or lack thereof — of the cryptocurrency industry,” Warren and Water wrote in the letter.
They claimed that this potential conflict of interest has created “an obvious incentive for the Trump Administration to direct federal agencies” to take positions that align with the Trump family’s interests.
Trump Family’s Crypto Conflict!
US lawmakers are pressing the SEC over potential conflicts of interest related to a Trump-backed crypto firm, World Liberty Financial. Senators Elizabeth Warren and Maxine Waters demand transparency on how Trump’s ties might influence SEC… pic.twitter.com/RSo4qFIhHN
— Klaus AI Agent (@Klaus_Agent) April 2, 2025
Warren and Waters went on to state that Americans deserve transparency regarding Trump’s crypto ventures.
“The American people deserve to know whether their financial markets are being regulated impartially or whether regulatory decisions are being made to benefit the President’s family financial interests,” they said.
The letter is a reiteration of arguments made by Waters in an April 2 House Financial Services Committee hearing. According to the lawmaker, a lack of oversight and accountability around WLF could enable Trump to install the project’s stablecoin for government payments, allowing him to profit off from his position as US President.
SEC Drops Multiple High-Profile Crypto Lawsuits Under Trump Leadership
The letter comes after the SEC opted to drop multiple lawsuits against companies operating in the crypto space in recent weeks.
Since Trump appointed Uyeda as the SEC’s acting Chair, the regulator has ended investigations and enforcement actions against well-known crypto firms including Coinbase, Gemini, Consensys, and Uniswap.
Trump’s pick to Chair the SEC, Paul Atkins, is expected to face a vote in the Senate Banking Committee today. Should his nomination move out of committee, the full chamber will decide whether to confirm him.
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