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As the US tries to recover from the effects of the government shutdown, a new move has been made from the Democratic wing against President Donald Trump.
US Senators Elizabeth Warren and Jack Reed have requested an investigation into World Liberty Financial ($WLFI), a cryptocurrency project linked to President Donald Trump's family, according to CNBC.
Senators Warren and Reed, known for their anti-cryptocurrency stance, demanded an investigation into World Liberty Financial over alleged illicit funding connections.
Accordingly, Warren and Reed, in a letter to the Department of Justice and the Treasury, expressed their concerns that $WLFI may have ties to illicit actors in North Korea and Russia.
In their letter, the senators highlighted reports that $WLFI sold its tokens to entities linked to North Korean hacking groups, Russian sanctions-violating platforms, and cryptocurrency exchange Tornado Cash.
The senators cited a report published in September by a non-governmental organization called Accountable.US, which alleged that the company sold 600,000 $WLFI tokens worth $10,000 to suspicious entities linked to North Korea, Iran, and Tornado Cash, a money laundering service.
Senators stated that World Liberty Financial’s AML (anti-money laundering), KYC (know your customer) and sanctions controls were inadequate, and that this situation could pose a risk to national security.
Senators also criticized the company's website for listing Donald Trump's three sons – Eric Trump, Donald Trump Jr. and Barron Trump – as founders.
As you may recall, Elizabeth Warren had previously stated that there was a conflict of interest in World Liberty Financial.
Now, the two senators stated in the letter that 75% of the revenue from token sales also went to the Trump family, and criticized that “3/4 of the revenue from $WLFI sales goes to the Trump family.”
$WLFI has not yet commented on the matter.
*This is not investment advice.