According to Cointelegraph, Virginia Democratic Congressman Gerald Connolly has called on the House Oversight and Government Reform Committee to investigate whether President Trump's cryptocurrency business conflicts with his presidential duties. Connolly stated in a letter to James Comer, the Republican chairman of the committee, on January 21 that Trump may have profited from his World Liberty Financial (WLFI) platform and Meme coin TRUMP, which could violate ethical standards and pose national security risks; Trump's WLF platform is particularly unsettling because its largest investor - Sun Yuchen, the founder of TRON - is a foreign entrepreneur, and the US Securities and Exchange Commission (SEC) has accused him of securities fraud. He added that such financial "entanglements" have raised "serious national security concerns" that foreign powers may influence US policies.
Connolly wrote: "If such behavior is allowed to continue unchecked, it will send a signal to the American people that the Supervisory Commission is unwilling or unable to implement the standards it claims to uphold." He also said that Trump is unlikely to comply with "any provision" of the Presidential Moral Reform Act without the intervention of the Commission. This law requires financial disclosure and conflict of interest checks.
