US lawmakers have expressed concerns over President Donald Trump’s involvement in cryptocurrency and digital assets, warning that his dealings with the industry could endanger financial stability and erode public trust in government accountability. Four US senators, including Elizabeth Warren, along with Representative Jamie Raskin, sent a letter to White House Chief of Staff Susie Wiles on March 17.
The lawmakers highlighted Trump’s deepening financial ties to the crypto industry, citing his TRUMP meme coin, which earned his family and business partners $100 million in trading fees. They also raised alarms about Commerce Secretary Howard Lutnick’s financial ties, warning that unregulated crypto markets could lead to another financial crash.
Moreover, lawmakers warned of Tesla CEO Elon Musk’s growing influence in the federal government, which they claim has been amplified through Trump’s newly created Department of Government Efficiency. They stated that at least 11 agencies with investigations into Musk’s businesses have been weakened, allowing him to benefit financially with little oversight.
The lawmakers demand immediate action to address these ethical concerns, urging Trump to divest from his private business interests and insisting that Musk release his financial disclosure form to understand his potential conflicts of interest. They emphasized that these financial conflicts have real-world stakes for the American public and could lead to taxpayer dollars being funnelled into their own pockets.
Lawmakers argue that it is not too late for President Trump to reverse course and put national interests ahead of personal dealings. The White House has been requested to respond by March 31, outlining how it plans to address these concerns.
Source: https://news.bitcoin.com/us-lawmakers-urge-trump-to-drop-crypto-before-it-hurts-america