Democrats call for ethics probe into Trump's crypto projects: Is Trumpcoin a 'national security risk'?

Mustafa BÜYÜKSİPAHİ - 12punto.com.tr

US House of Representatives Democratic member Gerald Connolly has called on the Committee on Oversight and Government Reform to investigate whether new President Donald Trump’s crypto projects 'conflict with his presidential duties.' Connolly emphasized that the earnings Trump has generated through the World Liberty Financial (WLF) platform and the Official Trump (TRUMP) memecoin could violate 'ethical standards' and 'pose a risk to national security.'

In Connolly’s January 21 letter, it was noted that one of the largest investors in the WLF platform is Justin Sun, the founder of Tron, who has been accused of securities fraud by the Securities and Exchange Commission (SEC).

It was stated that Sun’s 75 million dollar investment in the platform exceeded a level that could provide direct income to the Trump family’s company. Connolly noted that such financial ties raise serious concerns due to the potential impact of foreign influence on US policies.

US President Donald Trump's Trumpcoin is sold on its official website with a 'non-profit meme' note

TRUMPCOIN 'COULD DAMAGE PUBLIC TRUST'

Furthermore, pointing out that Trump has not complied with presidential ethics reforms, Connolly warned that public trust could be damaged if the committee does not address this issue.

Donald Trump, for his part, had told the press that he had very little information about the TRUMP memecoin, which was launched two days before he took office. However, Connolly argued that the financial gains Trump has obtained from these crypto projects require a more detailed investigation.

There are concerns that Trump's support for the cryptocurrency market could cause 'serious damage' to the US dollar. US economic experts, in comments shared on social media, accuse Trump of 'jeopardizing the future of the American dollar'

WHAT IS TRUMPCOIN?

Former US President Donald Trump announced last Friday that he had launched a new cryptocurrency called 'TRUMPCOIN' by posting on his X and Truth Social accounts.

Trump introduced a new cryptocurrency that he launched with the phrase 'The new official Trump meme is here!' The meme coin named 'TRUMP' rose rapidly following the announcement.

The coin, which gained 190 percent in value in its first three days, reached a level of 18.87 dollars, creating a market value of approximately 3.7 billion dollars. It was reported that the total supply of the cryptocurrency, which was issued on the Solana network, is currently 200 million, and this amount will reach 1 billion within three years.

News Source: 12punto