Two Democratic members of Congress are urging interim Securities and Exchange Commission (SEC) Chair Mark Uyeda to safeguard information concerning World Liberty Financial, a cryptocurrency company associated with the family of former President Donald Trump.
In a letter dated April 2, Senator Elizabeth Warren and Representative Maxine Waters — leaders of the Senate Banking Committee and House Financial Services Committee, respectively — requested that Uyeda furnish Congress with details related to Trump’s connections to World Liberty Financial (WLFI). The lawmakers expressed concerns that the SEC might be subject to influence from the firm, suggesting that “this conflict of interest may be hindering its core mission to protect investors and ensure fair and orderly markets.”
“The financial involvement of the Trump family in World Liberty Financial creates a unique conflict of interest with the power to affect the oversight of the cryptocurrency sector by the Trump Administration — or lack thereof — presenting a clear motivation for the administration to encourage federal agencies, including the SEC, to adopt positions that benefit cryptocurrency interests, which directly advantage the President’s family,” stated the letter.
Letter to acting SEC chair Mark Uyeda dated April 2.
This letter was sent shortly after WLFI revealed the launch of its stablecoin, USD1, on the BNB Chain and Ethereum blockchain. Additionally, since January, Trump has pursued various cryptocurrency initiatives and policies that raise potential conflicts of interest, such as plans for a national cryptocurrency stockpile and the introduction of a TRUMP memecoin.
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Warren and Waters emphasized the need for transparency regarding Trump’s cryptocurrency ventures and their possible impact on SEC policy, an agency that is largely meant to function independently of any administration. They urged Uyeda to maintain records and correspondence related to WLFI from Trump and his family, along with any communications involving the SEC.
“The American public deserves clarity on whether their financial markets are being regulated without bias or if regulatory decisions are being skewed to favor the financial interests of the President’s family,” the lawmakers stated.
The letter echoed concerns voiced by Waters during a House Financial Services Committee hearing on the same day. The California representative asserted that without adequate oversight and accountability, Trump could potentially position WLFI’s stablecoin for use in government payments, directly profiting from his role as president. Numerous lawmakers and financial experts, spanning the political landscape, have similarly raised alarms about Trump’s potential conflicts of interest in the cryptocurrency sector.
SEC Leadership During the Trump Era
Since Trump appointed Uyeda as acting chair, the SEC has scaled back investigations and enforcement actions against several crypto companies, including those whose executives contributed to the President’s 2024 campaign.
Paul Atkins, Trump’s nominee for SEC chair after Uyeda, is anticipated to face a vote in the Senate Banking Committee on April 3. Should Atkins’ nomination advance from committee, the full Senate will then determine whether to confirm him.
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