Democrat Representative Gerald Connolly has raised some serious concerns about President Donald Trump and his compliance with the Presidential Ethics Reform Act. He believes that without intervention, Trump likely won’t follow any of its rules.
In a letter dated January 21, Connolly urged the US House Committee on Oversight and Government Reform to look into whether Trump’s cryptocurrency ventures conflict with his presidential duties. He pointed out that Trump might already be profiting from his World Liberty Financial (WLF) platform and the Official Trump (TRUMP) memecoin. This situation could lead to ethical violations and even pose risks to national security.
Connolly highlighted a significant issue: the largest investor in WLF is Justin Sun, the founder of Tron. Sun is a foreign entrepreneur facing charges of securities fraud from the Securities and Exchange Commission. Connolly stressed that these financial connections raise serious concerns about foreign influence on U.S. policy.
Sun has invested $75 million in World Liberty by purchasing its token. This investment has reportedly allowed Trump’s company to exceed its own revenue threshold. Connolly warned that this could result in cash flowing directly to President Trump.
He stated, “Allowing such practices to continue unchecked would suggest that the Oversight Committee is either unwilling or unable to enforce the standards it claims to uphold.” Connolly added that without committee intervention, Trump is unlikely to comply with any provisions of the Presidential Ethics Reform Act. This law requires financial disclosures and conflict-of-interest checks.
Connolly emphasized the need for these reforms to be applied universally. The TRUMP memecoin was launched just two days before Trump’s inauguration, raising ethical concerns. Experts worry that Trump could be cashing in on his presidency.
When asked about the TRUMP token during a press conference on January 21, Trump admitted he didn’t know much about it. He said, “I don’t know where it is. I don’t know much about it other than I launched it, other than it was very successful.”