WLFI Rebuts US Senate Democrats' Investigation of USD1 and Trump's Relationship with Cryptocurrency

BlockBeats News, May 16th, according to The Block, a lawyer for World Liberty Financial (WLFI) has pushed back against a probe initiated by U.S. Senator and Democrat Richard Blumenthal, arguing that his investigation into the company's USD1 stablecoin and potential conflicts of interest related to former President Trump's cryptocurrency activities is "fundamentally flawed."

Blumenthal is the lead Democratic member of the Senate Permanent Subcommittee on Investigations. He recently sent letters to World Liberty Financial and Fight Fight Fight LLC (the company behind the "Official Trump" meme coin), alleging that these companies may have violated federal law by potentially facilitating ethical breaches or engaging in transactions with indicted foreign individuals. He requested detailed records including ownership structures, financial relationships, and conflict of interest safeguards, claiming that Trump received financial benefits from WLFI and the TRUMP project.

According to information on the World Liberty Financial website, the project is backed by several members of the Trump family, including Trump himself and his three sons, each serving as ambassadors or spokespeople for the decentralized finance (DeFi) project.