Lawmakers Warn Trump to Divest from Crypto

US Senators and Representative Sound Alarm Over President’s Ties to Crypto Industry

US lawmakers are urging President Trump to reconsider his involvement in the cryptocurrency industry. They warn that his deepening financial ties to crypto pose a significant threat to financial stability, oversight, and public trust in government accountability.

Four senators, including Elizabeth Warren, and Representative Jamie Raskin, sent a letter to White House Chief of Staff Susie Wiles on March 17, expressing concerns about Trump’s involvement in cryptocurrency and digital assets. The lawmakers are worried that Trump’s financial ties to the crypto industry could compromise his judgment and put the country’s economic stability at risk.

Furthermore, the lawmakers are concerned about Trump’s own cryptocurrency venture, which earned his family and business partners nearly $100 million in trading fees in just 14 days. They argue that this creates a clear conflict of interest and undermines public trust in the government.

The lawmakers also highlighted the alarming rate at which Trump’s meme coin generated revenue. In less than two weeks, it earned his family and business partners nearly $100 million in trading fees. Additionally, they pointed to Trump’s company, World Liberty Financial, as another area of concern.

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The lawmakers further emphasized the potential risks of foreign influence and the need for transparency. Moreover, they expressed concerns over Commerce Secretary Howard Luger’s financial ties, warning of potential conflicts of interest.

 

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Musk’s Crypto Influence

US lawmakers are sounding the alarm over Elon Musk’s growing influence in the federal government, particularly through Trump’s newly created Department of Government Efficiency. They warn that Musk, the world’s richest man, stands to profit from the department’s actions, which could compromise regulatory integrity.

The lawmakers claim that at least 11 agencies investigating Musk’s businesses have been weakened, allowing him to benefit financially with minimal oversight. Specifically, they cite reports that the Federal Aviation Administration (FAA) may cancel a $2.4 billion contract with Verizon and award it to Musk’s Starlink instead.

This development raises concerns about self-enrichment and the erosion of regulatory integrity. The lawmakers are urging Trump to reconsider his ties to Musk and the crypto industry, citing potential risks to financial stability, oversight, and public trust in government accountability.

Trump’s Agenda Under Scrutiny

Lawmakers are asking the White House to respond to concerns about President Trump’s involvement in cryptocurrency and deregulation efforts by March 31. They want answers about potential conflicts of interest and the impact of Trump’s policies on the crypto industry. Supporters of Trump and Elon Musk argue that these efforts promote innovation, economic growth and reduce government overreach. They see Trump’s policies as a step towards financial independence and decentralized markets.

However, critics raise concerns about the potential risks of foreign influence, conflicts of interest, and the impact on financial stability. The lawmakers’ letter highlights the need for transparency and accountability in Trump’s dealings with the crypto industry and Musk’s influence over federal agencies.

The debate surrounding Trump’s policies and their impact on the crypto industry and the economy as a whole is ongoing. The White House is preparing to respond to lawmakers’ concerns. Trump’s administration must now address these issues and balance various stakeholders’ interests.