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Two prominent Democratic lawmakers are pressing the U.S. SEC to retain all records related to World Liberty Financial (WLFI), a crypto firm with ties to former President Donald Trump’s family.
In an April 2 letter, Senator Elizabeth Warren and Representative Maxine Waters urged acting SEC Chair Mark Uyeda to disclose any communications regarding WLFI, warning of potential conflicts of interest that could impact regulatory oversight of the crypto industry.
The lawmakers argued that Trump’s financial stake in WLFI presents an “unprecedented conflict of interest,” suggesting that the administration’s crypto policies might be shaped to benefit the former president’s personal investments rather than maintain fair market conditions. The latter reads:
“This conflict may be interfering with the SEC’s mission to protect investors and ensure market integrity.”
Their concerns intensified following WLFI’s recent launch of a stablecoin, USD1, on the Ethereum and BNB Chain networks. Trump’s broader engagement with cryptocurrency—including his initiative to establish a national crypto reserve and his involvement with a TRUMP memecoin—has only fueled further scrutiny.
Warren and Waters insist that the American public deserves full transparency regarding the former president’s crypto dealings and their potential regulatory implications.
Trump’s Influence Over the SEC
The letter follows a pattern of increasing concern among lawmakers regarding Trump’s influence over the SEC. Since Uyeda’s appointment as acting chair, the SEC has pulled back on several high-profile investigations into cryptocurrency companies, including those with executives who financially backed Trump’s 2024 campaign.
This has raised fears that regulatory decisions are being swayed by political and personal financial interests rather than by investor protection principles.
Waters further emphasized the issue in an April 2 congressional hearing, warning that without proper oversight, Trump could manipulate federal agencies to favor WLFI, even going as far as integrating its stablecoin into government payment systems.
Paul Atkins’ Nomination Faces Scrutiny
The controversy comes as the Senate prepares to vote on Paul Atkins, Trump’s nominee for the permanent SEC chair position. Atkins, known for his pro-crypto stance, has drawn criticism for his previous work with firms that donated to Trump’s campaign.
His confirmation vote, scheduled for April 3 in the Senate Banking Committee, could further shape the SEC’s approach to cryptocurrency regulation.
