{"id":129417,"date":"2025-05-16T19:18:51","date_gmt":"2025-05-16T19:18:51","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129417"},"modified":"2025-05-16T19:18:51","modified_gmt":"2025-05-16T19:18:51","slug":"world-liberty-financial-brushes-off-oversight-concerns-from-congress","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129417","title":{"rendered":"World Liberty Financial brushes off oversight concerns from Congress"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsZach Witkoff, one of the co-founders of the Donald Trump family-backed crypto platform World Liberty Financial (WLFI), has rebuffed efforts by US lawmakers to investigate the president\u2019s potential conflicts of interest.<br \/>\nIn a May 15 letter to Senator Richard Blumenthal, lawyers for World Liberty Financial claimed a call to investigate the crypto platform was based on \u201cfundamentally flawed premises and inaccuracies.\u201d Witkoff did not specifically address any allegations, claiming that WLFI was \u201ctoo busy building\u201d for oversight.<br \/>\n\u201cThe Company rejects the false choice between innovation and oversight,\u201d said the letter. \u201cWhat it opposes is the misuses of regulatory authority and uncertainty to suppress lawful innovation.\u201d<br \/>\nMay 15 letter to Sen. Blumenthal. Source: Zach WitkoffBlumenthal, the ranking member of the US Senate Permanent Subcommittee on Investigations, was one of many Democrats calling for investigations and legislative changes in response to Trump\u2019s ties to WLFI, as well as his TRUMP memecoin and its dinner scheduled for the top tokenholders on May 22.<br \/>\nThe GENIUS Act, a bill to recognize stablecoins as payment instruments currently being considered in Congress, may be a bellwether for how lawmakers intend to handle the president\u2019s potential conflicts of interest.<br \/>\nStablecoin bill debate continues in Republican-controlled Congress<br \/>\nOne of Blumenthal\u2019s and many US lawmakers\u2019 concerns about Trump\u2019s connection to WLFI is the USD1 stablecoin, which the platform launched in March. An Abu Dhabi-based investment firm announced in May that it would use the stablecoin to settle a $2-billion investment in Binance, a crypto exchange that had previously been the target of an investigation by US authorities.\u00a0<br \/>\n\u201cWLFI\u2019s financial entanglements with the President, his family, and the Trump Administration present unprecedented conflicts of interest and national security risks, including potential violations of the foreign emoluments clause,\u201d Blumenthal wrote in a May 6 letter to Witkoff.<br \/>\nRelated: What are the next steps for the US stablecoin bill?<br \/>\nSome Democrats have called for clarification within the GENIUS Act to ensure that Trump was not able to personally profit from stablecoins whose legislation he may have influenced and then have the opportunity to sign into law. However, as of May 16, it was unclear whether any future vote on the bill would address these concerns. Cointelegraph reached out to Sen. Blumenthal\u2019s office for comment but had not received a response at the time of publication.\u00a0<br \/>\nMagazine: Trump\u2019s crypto ventures raise conflict of interest, insider trading questions<a href=\"https:\/\/cointelegraph.com\/news\/world-liberty-financial-oversight-congress?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsZach Witkoff, one of the co-founders of the Donald Trump family-backed crypto platform World Liberty Financial (WLFI), has rebuffed efforts by US lawmakers to investigate the president\u2019s potential&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129417"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129417"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129417\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129417"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}