US lawmakers accuse Trump of conflict of interest involving meme coins and WLFI, K33: $TRUMP token economics are in a mess

Gerald Connolly, the top Democratic member of the U.S. House Oversight Committee, wrote yesterday to call on the committee's Republican chairman to take immediate action to investigate whether Trump and his family's cryptocurrency business and the issuance official meme coin matter have serious conflicts of interest with his presidential duties. (Synopsis: Trump Fa Coin was reported by Taiwanese for "violating the Money Laundering Prevention Act", PTTencryption moderator: The Financial Regulatory Commission is not quick to catch it) (Background supplement: Trump meme coin is not guilty in Taiwan!) Financial Regulatory Commission: "His coin issuance is a personal act, no advertising does not violate the law" Before Trump took office, his family's launch of the cryptocurrency project World Liberty Financial (WLFI), as well as the official meme of issuance, coin $TRUMP, not only shocked the coin circle and the world, but also made Trump in the United States in recent days mired in moral and conflict of interest controversy, opponents called on Congress and the Supervisory Authority to intervene in the review of the matter. According to Coindesk, Gerald Connolly, the top Democratic member of the U.S. House Oversight Committee, wrote to the committee's Republican chairman, James Comer, yesterday (22), calling on the oversight committee to take immediate action to investigate whether Trump and his family's cryptocurrency business and the issuance official meme coin matter have serious conflicts of interest with their presidential duties. Within the incoming Trump administration, peddling influence has become a global undertaking, and as a result, the president's conflicts of interest have increased dramatically. Rep. Connolly, the minority leader of the oversight committee, questioned that Trump may have profited from his family's WLFI platform and Memecoin $TRUMP, which could involve conflicts of interest, violate presidential ethical standards, and pose national security risks. The power of President Trump and the Trump clique continues to expand, and their financial entanglements and promises of profit exchange are disturbing. He noted that Trump's WLFI platform is particularly uncomfortable, with public reports showing that WLFI's largest investor, TRON TRON founder Justin Sun — is under investigation by the U.S. Securities and Exchange Commission (SEC) as a foreign entrepreneur, and he also referred to Sun's 2023 SEC securities fraud lawsuit. Democratic Rep. Maxine Waters, a former chair of the House Financial Services Committee, also expressed concern about Trump's meme coins, saying in a statement on January 20, on Trump's inauguration day: Through his meme coins, Trump has created a way to circumvent national security and anti-corruption laws, allowing interested parties to anonymously account for him and his inner circle. Buyers could include large corporations, allies forced to show "respect" to the president, and our adversaries such as Russia and China, who could greatly benefit from influencing Trump's presidency. Waters argues that $TRUMP not only undermines Trump's ethical standards, but also pollutes the broader cryptocurrency industry, saying that "the industry has long fought for legitimacy and a level playing field with other financial institutions." Although two top Democrats on the relevant committee of the House of Representatives have publicly called on Congress to review the Trump family's encryption business and the behavior of the issuance meme coin, the report also bluntly said that because they are Democrats, the Republicans who successfully turned the Senate and House red are unlikely to respond to their demands. Analyst: TRUMPToken economics is super bad, but don't worry about supply shocks in three months It is also worth noting that David Zimmerman, an analyst at K33 Research Decentralized Finance, said in a report on Wednesday: "Trump's official token economics are terrible, but they have not been unlocked in 3 months, so there is no need to worry about new supply for quite some time." Currently, 20% of Trump's official supply is in circulation. Half of the circulating supply is for Liquidity and the other half is provided to the public. The remaining 80% are locked and will be released gradually over 36 months. These locked tokens are divided into six entities, labeled Creators and CIC Digital 1-6. Each group will face a lock-up period of 3 to 12 months, after which 10% or 25% will be unlocked first, and then unlocked day by day for two years. The first unlock, which will affect "Creators" and "CIC Digital 1," is expected to take place in three months. The report notes that this token economic structure is outdated for memecoin, as the market increasingly favors projects that have full circulating supply at launch. He added: "It's not sugar-coated, this token economics is scary for memecoin." According to the report, Trump has entered into agreements with CIC Digital and CIC Ventures, both of which are owned by the Trump Revocable Trust. "It's not clear who the creators are, but Trump will have a significant financial stake in memecoin through CIC Digital," Zimmerman said. $TRUMP big dump 13% According to CoinGecko, Market Cap has quickly soared to $14.5 billion$TRUMP which has plunged nearly 13% in the past 24 hours to $37.15 at the moment of writing, and now Market Cap has fallen back to $7.4 billion, ranking 29th largest cryptocurrency. U.S. FIRST LADY MEME COIN MELANIA ALSO FELL MORE THAN 19% IN THE PAST 24 HOURS, TENTATIVELY AT $3.33. Related reports Trump talks about $TRUMP for the first time: I heard that it was very successful but I don't know much... Coin price fell 25% when he heard the news, Trump reported a clear card? Family Decentralized Finance Project WLFI last night increased the position of thousands of dollars BTC, Ethereum, AAVE, ONDO. Be Played for Suckers legally? Trump meme coin $TRUMP built-in "class action waiver clause" Trump meme coin caused the US constitutional crisis? Forbes: $TRUMP Fears SEC Considers Encryption Securities "U.S. Congressman Accuses Trump's Meme Coin and WLFI of 'Conflict of Interest', K33: $TRUMPToken Economics Sucks" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Block Chain News Media."