World Liberty Financial brushes off oversight concerns from Congress
Zach Witkoff, co-founder of World Liberty Financial (WLFI), rejected calls from US lawmakers, including Senator Richard Blumenthal, to investigate potential conflicts of interest related to President Trump. WLFI's lawyers described the investigation request as based on flawed premises and stated the company is focused on innovation rather than oversight. Concerns have been raised about Trump's ties to WLFI and its USD1 stablecoin, launched in March, particularly regarding a $2 billion investment settlement with Binance. Lawmakers worry these connections could present conflicts of interest and national security risks, including possible violations of the foreign emoluments clause. The GENIUS Act, which aims to recognize stablecoins as payment instruments, is under consideration in Congress, with some Democrats seeking clarifications to prevent Trump from profiting from legislation he may influence. Uncertainty remains about whether the bill will address these concerns.
