US lawmakers press SEC for info about Trump family-backed crypto firm

The letter came roughly a week after WLFI announced it had launched a stablecoin, USD1, on the BNB Chain and Ethereum blockchain. However, since January, Trump has followed through with several crypto policies and projects with potential conflicts of interest, including plans to establish a national cryptocurrency stockpile and the launch of a TRUMP memecoin.

According to Warren and Waters, Americans deserved transparency about Trumps crypto ventures and how they could potentially influence policy at the SEC, a financial regulatory agency largely intended to be independent of the administration. The two called on 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 regulated impartially or whether regulatory decisions are being made to benefit the Presidents family financial interests,” wrote the Democratic lawmakers.

The letter reiterated arguments Waters made in an April 2 House Financial Services Committee hearing. The California lawmaker said that without oversight and accountability, Trump could install WLFIs stablecoin for government payments and profit directly from his position as president.

Many other lawmakers and financial experts across the political spectrum have expressed concern over Trumps potential conflicts of interest with the crypto industry.

SEC leadership under Trump

Since Trump appointed Uyeda as acting chair, the SEC has dropped investigations and enforcement actions into several crypto firms, including those with executives who contributed directly to the presidents 2024 campaign.

Paul Atkins, Trump‘s pick to chair the SEC after Uyeda, is expected to face a vote in the Senate Banking Committee on April 3. If Atkins’ nomination moves out of committee, the full chamber will decide whether to confirm him.