WLFI Rebuts US Senate Democrats' Investigation of USD1 and Trump's Relationship with Cryptocurrency

On May 16th, as per The Block, a lawyer representing World Liberty Financial (WLFI) has refuted a probe initiated by U.S. Senator and Democrat Richard Blumenthal. The lawyer contends that Blumenthal's investigation into the company's USD1 stablecoin and potential conflicts of interest related to former President Trump's cryptocurrency activities is "essentially flawed." Blumenthal is the leading Democratic member of the Senate Permanent Subcommittee on Investigations. He recently dispatched letters to World Liberty Financial and Fight Fight Fight LLC (the entity behind the "Official Trump" meme coin), alleging that these companies may have violated federal law by potentially enabling ethical violations or engaging in transactions with indicted foreign individuals. He demanded detailed records encompassing ownership structures, financial relationships, and conflict of interest safeguards, claiming that Trump received financial advantages from WLFI and the TRUMP project. According to the information on the World Liberty Financial website, the project is supported by several members of the Trump family, including Trump himself and his three sons, with each serving as an ambassador or spokesperson for the decentralized finance (DeFi) project.