World Liberty Financial claims no relationship with $TRUMP firm
Senator Richard Blumenthal, the ranking member of the Senate Subcommittee on Investigations, reached out to both World Liberty Financial and Fight, Fight, Fight LLC, a firm associated with the $TRUMP memecoin.
Blumenthal claimed that “WLFI may be enabling the violation of government ethics requirements, seeking investments from foreign governments, facilitating financial transactions with foreign nationals under federal prosecution, and potentially violating federal laws, including the foreign emoluments clause of the constitution.”
The letter further highlights how “the President will also directly financially benefit from WLFI’s partnership with the Emirati state-owned MGX and any other dealings with foreign governments, violating the Constitution’s ban on gifts and payments from foreign governments.”
Read more: USD1 is a top stablecoin with no attestation and no transparency
The Block has published World Liberty Financial’s response, which responds to very few of the claims in Blumenthal’s letter.
This letter claims that USD1 “is a fully reserved stablecoin backed exclusively by U.S. Treasuries and cash equivalents,” though this is not a fact that has yet been supported by any audits or attestations.
Furthermore, the letter claims that “WLFI is not operating in the shadows. It is building a next-generation, auditable financial infrastructure rooted in American trust, rule of law, and economic leadership.” Apparently not part of this set of values is allowing governance token holders to direct the firm’s plans on this stablecoin, as no governance vote related to this coin has occurred.
Read more: Who is behind World Liberty Financial, Trump’s new crypto?
Additionally, World Liberty claims the senator’s letter contains an error, specifically “the unfounded assertion of non-existent relationships-for instance, WLFI has no affiliation, formal or informal, with Fight, Fight, Fight, LLC.”
Strangely, this assertion does not exist in Blumenthal’s letter, though there is a question in that letter that asks them to describe any relationships with this entity.
Fight, Fight, Fight, LLC is one of the firms behind $TRUMP, the memecoin endorsed by the “Chief Crypto Advocate” for World Liberty Financial, Donald Trump.
Additionally, Trump-affiliated CIC Digital reportedly owns a portion of Fight, Fight, Fight, LLC, which seems as though it may constitute at the very least an informal relationship centered around World Liberty Financial’s “Chief Crypto Advocate.”
At the very least, there exists a common party who is profiting from foreign individuals and entities investing in these projects while he occupies the Oval Office.
Protos reached out to World Liberty Financial on X for clarification on this relationship, but it did not immediately respond.
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