SEC Records Sought on Trump-linked Crypto Firm

Democratic lawmakers Senator Elizabeth Warren and Representative Maxine Waters have requested that the U.S. Securities and Exchange Commission (SEC) preserve records related to World Liberty Financial (WLFI), a crypto firm reportedly linked closely with the Trump family. Their April 2 letter to Acting SEC Chair Mark Uyeda raises concerns about potential conflicts of interest, suggesting the Trump family's significant financial stake might influence SEC policies. The Trump family is said to control 75% of WLFI's net token sales and 60% of future operations, drawing approximately $400 million in fees. This scrutiny comes amid the SEC's shift towards a less aggressive approach to crypto regulation and legislative debates on stablecoin regulation. Despite these concerns, the Democratic lawmakers' ability to enforce action is limited by the Republican majority in Congress. The letter highlights fears that the Trump Administration's ties to crypto could influence regulatory actions in a way that benefits its own interests.