Representatives of the House of Representatives warn of corruption in President Donald Trump’s crypto business

The crypto industry is waiting for President Donald Trump to issue an executive order that will usher the federal government into a new, favorable era of digital asset control. That would be good for Trump’s personal business, and it’s one of the reasons House Democrats are clamoring for ethical lapses in the administration.

Trump’s crypto executive order aims to boost the value of at least two components of the Trump family business: crypto venture World Liberty Financial and the certification token (TRUMP) was launched before he returned to the White House. Gerry Connolly, the top Democrat on the House Oversight Committee, requested an investigation A letter sent to the Republican chairman of the committee on the first day of Trump’s new term about the president’s business dealings.

“This committee should take immediate action to investigate serious conflicts of interest.

Donald Trump will take with him to the Office of the President, “he wrote in the appeal, which is unlikely to lead to a formal investigation of the leader of the Republican Party, who demands loyalty from senior GOP officials. “Expanding the circle of President Trump. — and by extension, the Trump Organization — are concerned about the financial scandals and quid pro quo promises.”

Earlier, as Trump’s oath was still echoed through the Capitol Rotunda, Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee, expressed concern About Trump’s coin.

“Through his meme coin, Trump has created a way to circumvent national security and anti-corruption laws, allowing interested parties to covertly transfer money to him and his inner circle,” Waters said in a January 20 statement. “Buyers are likely to include large corporations, allied nations forced to show ‘respect’ for the president, and our adversaries, such as Russia and China, who stand to benefit greatly from influencing a Trump presidency.”

Waters argued that the sign was not simply Trump’s compromise, but that it tarnished a broader industry that has “long fought for legitimacy and a level playing field with other financial institutions.”

The California Democrat has been working with former committee chairman Patrick McHenry for months on a bill to regulate stablecoins, but they could not come to a bilateral compromise. During this session, Waters will still be in a position to weigh crypto bills.

Although Trump has promised swift action on cryptocurrencies when he returns to the White House, the crypto industry is not among those who have benefited from the wide range of executive orders the president has already signed. So far, the most significant action by the US government is the creation of a crypto task force by acting chairman of the Securities and Exchange Commission Mark Uyeda.

Read more: The SEC is forming a new crypto task force headed by Hester Pierce