The Trump family's crypto project WLFI refutes U.S. Senator's investigation into the relationship between USD1 and Trump

ChainCatcher news, according to The Block, the Trump family's crypto project World Liberty Financial (WLFI) responded to U.S. Senate Democrat Richard Blumenthal's investigation into the relationship between its USD1 stablecoin and former President Trump, stating that the investigation is politically motivated.

World Liberty Financial emphasized that the USD1 stablecoin is backed by U.S. dollars and U.S. Treasury bonds, operates transparently, and complies with regulatory requirements. Previously, U.S. Senate Democrats expressed concerns about the ties between World Liberty Financial and the Trump family, pointing out that the company's $2 billion investment agreement with the Abu Dhabi state-owned enterprise MGX could present a conflict of interest. World Liberty Financial stated that its operations are independent of the Trump administration, and all investments follow compliance procedures.