Senator Richard Blumenthal, the rating member of the Senate Subcommittee on Investigations, reached out to each World Liberty Monetary and Combat, Combat, Combat LLC, a agency related to 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 additional 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.”
Learn extra: USD1 is a high stablecoin with no attestation and no transparency
The Block has printed World Liberty Monetary’s response, which responds to only a 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,” although this isn’t a undeniable fact that has but been supported by any audits or attestations.
Moreover, 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 a part of this set of values is permitting governance token holders to direct the agency’s plans on this stablecoin, as no governance vote associated to this coin has occurred.
Learn extra: Who’s behind World Liberty Monetary, Trump’s new crypto?
Moreover, World Liberty claims the senator’s letter comprises an error, particularly “the unfounded assertion of non-existent relationships-for instance, WLFI has no affiliation, formal or informal, with Fight, Fight, Fight, LLC.”
Surprisingly, this assertion doesn’t exist in Blumenthal’s letter, although there’s a query in that letter that asks them to explain any relationships with this entity.
Combat, Combat, Combat, LLC is likely one of the corporations behind $TRUMP, the memecoin endorsed by the “Chief Crypto Advocate” for World Liberty Monetary, Donald Trump.
Moreover, Trump-affiliated CIC Digital reportedly owns a portion of Combat, Combat, Combat, LLC, which appears as if it might represent on the very least an off-the-cuff relationship centered round World Liberty Monetary’s “Chief Crypto Advocate.”
On the very least, there exists a standard occasion who’s taking advantage of international people and entities investing in these tasks whereas he occupies the Oval Workplace.
Protos reached out to World Liberty Monetary on X for clarification on this relationship, nevertheless it didn’t instantly reply.
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