Senator Richard Blumenthal reached out to World Liberty Financial

Senator Richard Blumenthal, the ranking member of the Senate Subcommittee on Investigations, reached out to both World Liberty Financial

Senator Richard Blumenthal, the ranking member of the Senate Subcommittee on Investigations, has penned letters to both World Liberty Financial and Fight, Fight, Fight LLC, a firm associated with the $TRUMP memecoin.

Blumenthal expressed concerns regarding World Liberty Financial’s activities, particularly in light of its partnership with the Emirati state-owned MGX.

"It appears that WLFI may be enabling the violation of government ethics requirements, seeking investments from foreign governments, facilitating financial transactions with foreign nationals under federal prosecution, and potentially violating federal laws, including the foreign emoluments clause of the constitution," Blumenthal wrote in a letter to World Liberty Financial.

"The President will also directly financially benefit from WLFI’s partnership with the Emirati MGX and any other dealings with foreign governments, violating the Constitution’s ban on gifts and payments from foreign governments."

The Block has published World Liberty Financial’s response to Blumenthal's letters. In its response, the firm addresses very few of the claims made by the senator.

One point of contention is Blumenthal's assertion that USD1 is a stablecoin with no attestation and no transparency. In its letter, World Liberty claims that USD1 "is a fully reserved stablecoin backed exclusively by U.S. Treasuries and cash equivalents." However, this claim has not been substantiated by any audits or attestations.

Moreover, Blumenthal mentions that no governance vote among token holders related to this stablecoin has taken place, despite World Liberty's assertion of being "committed to best practices of governance and token economics."

In response to this observation, World Liberty stated that it is "building a next-generation, auditable financial infrastructure rooted in American trust, rule of law, and economic leadership."

Blumenthal's letter to Fight, Fight, Fight LLC contained a question regarding the firm's relationship with World Liberty Financial. In response to this inquiry, World Liberty asserted that there is no affiliation, either formal or informal, between the two firms.

However, an earlier report by Protos mentioned that Fight, Fight, Fight LLC is one of the firms behind $TRUMP, the memecoin endorsed by Donald Trump, the "Chief Crypto Advocate" for World Liberty Financial.

Additionally, Trump-affiliated CIC Digital is said to own a portion of Fight, Fight, Fight LLC, which may indicate at the very least an informal relationship centered around World Liberty Financial's "Chief Crypto Advocate."

This common party is profiting from foreign individuals and entities investing in these projects while he occupies the Oval Office.

Protos has reached out to World Liberty Financial via X for further clarification on this relationship.

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