The post Senator Slams Trump’s World Liberty Financial Over ‘Seriously Inadequate’ Response to Inquiry appeared on BitcoinEthereumNews.com.

Sen. Richard Blumenthal (D-CT) skewered the Trump family’s crypto firm, World Liberty Financial, on Friday—for what he called its “seriously inadequate” response to a Senate inquiry into the company’s business practices.  “This seriously inadequate response conveniently avoids the fact that foreign governments and others can enrich and compromise the President through World Liberty Financial,” Blumenthal said Friday in a statement shared with Decrypt, referencing a letter sent to him by the company earlier this week. “WLFI’s refusal to answer even the most basic questions about President Trump’s financial entanglements with the company raises serious concerns,” the senator continued. “And I will continue demanding transparency for the American people.” World Liberty Financial, led by Chase Herro, Zak Folkman, the Trump family, and the Witkoff family—who are close with the Trumps—is a so-called DeFi project, the sort that allows for the trading, lending, and borrowing of crypto assets without third-party intermediaries such as banks. The project, launched in September during the leadup to the U.S. presidential election, raised $550 million in a token sale and issued its own stablecoin in March.  Earlier this month, Blumenthal, the ranking member on the Senate’s Permanent Subcommittee on Investigations, sent a letter to World Liberty’s leadership informing the decentralized finance company that it is now being investigated over potential violations of government ethics requirements and other laws, including the foreign emoluments clause of the U.S. Constitution. The clause prohibits federal officials from accepting salaries, fees, or profits from foreign governments without the consent of Congress. The inquiry opened days after World Liberty, which is partially owned by President Trump and his sons, announced a $2 billion deal backed by the UAE government and facilitated by World Liberty’s new stablecoin, USD1. Days prior, the firm announced it had agreed to advise the Pakistani government on crypto-related…

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Filed under: News - @ May 17, 2025 12:26 am