House Democrats have raised concerns over potential corruption linked to President Donald Trump's involvement in the cryptocurrency sector. Gerry Connolly, the ranking Democrat on the House Oversight Committee, has requested an investigation into Trump's financial conflicts of interest, which he claims are escalating. The Democrats are specifically troubled by the possibility of Trump issuing a pro-crypto executive order that could financially benefit his ventures, including his crypto company, World Liberty Financial, and a newly launched token. Maxine Waters, ranking member of the House Financial Services Committee, accused Trump of creating mechanisms that might bypass national security regulations through his meme coin, allowing possible covert financial support from corporations and foreign entities. She emphasized the negative implications for the wider crypto industry, which seeks legitimacy.

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