Warren, Reed: Loopholes in Trump-Endorsed Crypto Pose Risks for Illegal Financial Activities
- U.S. Senators Warren and Reed demand federal investigation into Trump-linked crypto firm WLF over alleged ties to North Korean hackers and Russian sanctions evasion tools. - WLF's $WLFI token sales to entities like Lazarus Group and Tornado Cash raise risks of "supercharging illicit finance" and governance manipulation by foreign adversaries. - Trump family's 22.5B $WLFI token stake valued at $3B creates conflict of interest, with officials potentially prioritizing profit over compliance during Trump adm
U.S. Senators Elizabeth Warren and Jack Reed have called for a federal probe into
According to a letter obtained by CNBC, the senators referenced a September report by the nonprofit Accountable.US, which
WLF, which names Eric Trump, Donald Trump Jr., and Barron Trump as co-founders, has issued $WLFI tokens to fund ventures such as a debit card and tokenized commodities. However, the senators pointed out that DT Marks DEFI LLC, a Trump family-linked entity, owns 22.5 billion $WLFI tokens—worth over $3 billion—and receives 75% of the revenue from token sales. They argue this situation presents a conflict of interest for Trump administration officials, who could put financial gain ahead of regulatory compliance
This request for an investigation comes as lawmakers consider new cryptocurrency rules that might exclude governance tokens like $WLFI from current regulatory frameworks. Warren and Reed
Meanwhile, North Korea has intensified its criticism of U.S. and South Korean military collaboration,
World Liberty Financial has come under scrutiny from various directions, including its stablecoin
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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