1 week ago
3
The Senate’s Permanent Subcommittee on Investigations sent letters on May 6 to two Trump-linked crypto projects. One is the TRUMP meme coin, managed by Fight Fight Fight LLC. The other is World Liberty Financial (WLFI), a DeFi firm claiming Trump as its “Chief Crypto Advocate.”
Blumenthal’s letter raises red flags about both projects. It questions whether foreign nationals, including those under federal investigation, have invested in the ventures. That could violate U.S. ethics laws and the Constitution’s foreign emoluments clause.
TRUMP coin soared in value after Trump endorsed it but soon crashed. To boost interest again, the project offered a “Dinner with Trump” reward, raising questions about insider trading and influence abuse.
WLFI is also under scrutiny for accepting $75 million from Justin Sun, who faces fraud allegations. It also received $25 million from DWF Labs, a firm linked to Russian banks and market manipulation.
Senators are now demanding financial records, ownership details, and all communication with foreign governments from both companies.
Meanwhile, lawmakers introduced the MEME Act. It would ban top officials and their families from promoting digital assets. Senator Chris Murphy called the TRUMP coin “unethical” and “corrupt.”
The White House has yet to comment on the probe or proposed legislation.
English (US) · 