Trump family crypto project WLFI refutes US senator's investigation into USD1's relationship with Trump

Odaily News The Trump family crypto project World Liberty Financial responded to U.S. Senate Democratic Senator Richard Blumentha's investigation into the relationship between its USD1 stablecoin and former President Trump, saying the investigation was politically motivated. The company emphasized that the USD1 stablecoin is backed by U.S. dollars and U.S. Treasuries, operates transparently and complies with regulatory requirements. Previously, Senate Democrats expressed concerns about World Liberty Financial's ties to the Trump family, pointing out that the company's $2 billion investment agreement with Abu Dhabi state-owned enterprise MGX may pose a conflict of interest. World Liberty Financial said it operates independently of the Trump administration and all investments follow compliance procedures. (The Block)