US lawmakers press SEC for info about Trump family-backed crypto firm
Two Democratic lawmakers in the US Senate and House of Representatives have called on acting Securities and Exchange Commission (SEC) Chair Mark Uyeda to preserve information regarding World Liberty Financial, the crypto firm backed by President Donald Trump’s family.
In an April 2 letter, Senator Elizabeth Warren and Representative Maxine Waters — ranking members of the Senate Banking Committee and House Financial Services Committee, respectively — asked Uyeda to provide information to Congress based on Trump’s ties to World Liberty Financial (WLFI). The two lawmakers suggested the SEC may be being influenced by the firm, and “this conflict of interest may be interfering with its mission to protect investors and maintain fair and orderly markets.”
“The Trump family’s financial stake in World Liberty Financial represents an unprecedented conflict of interest with the potential to influence the Trump Administration’s oversight — or lack thereof — of the cryptocurrency industry, creating an obvious incentive for the Trump Administration to direct federal agencies, including the SEC, to take positions favorable to cryptocurrency interests that directly benefit the President’s family,” said the letter.
April 2 letter to acting SEC chair Mark Uyeda. Source: House Financial Services Committee
The letter came roughly a week after WLFI announced it had launched a stablecoin, USD1, on the BNB Chain and Ethereum blockchain. However, since January, Trump has followed through with several crypto policies and projects with potential conflicts of interest, including plans to establish a national cryptocurrency stockpile and the launch of a TRUMP memecoin.
Related: Crypto has a regulatory capture problem in Washington — Or does it?
According to Warren and Waters, Americans deserved transparency about Trump’s crypto ventures and how they could potentially influence policy at the SEC, a financial regulatory agency largely intended to be independent of the administration. The two called on Uyeda to preserve records and communications related to WLFI from Trump and his family, as well as communications with the SEC.
“The American people deserve to know whether their financial markets are being regulated impartially or whether regulatory decisions are being made to benefit the President’s family financial interests,” wrote the Democratic lawmakers.
The letter reiterated arguments Waters made in an April 2 House Financial Services Committee hearing. The California lawmaker said that without oversight and accountability, Trump could install WLFI’s stablecoin for government payments and profit directly from his position as president. Many other lawmakers and financial experts across the political spectrum have expressed concern over Trump’s potential conflicts of interest with the crypto industry.
SEC leadership under Trump
Since Trump appointed Uyeda as acting chair, the SEC has dropped investigations and enforcement actions into several crypto firms, including those with executives who contributed directly to the president’s 2024 campaign.
Paul Atkins, Trump’s pick to chair the SEC after Uyeda, is expected to face a vote in the Senate Banking Committee on April 3. If Atkins’ nomination moves out of committee, the full chamber will decide whether to confirm him.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Politics
Woman whose son Martyn Hett died in Manchester Arena terror attack welcomes new law in his name
There is a certain steel about a mother who has lost a child.
It’s hard to put your finger on, but perhaps after going through hell you re-emerge made of a different material to the rest of us.
Figen Murray has been utterly relentless after her son Martyn Hett was killed in the Manchester Arena terror attack at an Ariana Grande concert in May 2017.
When she worried that politicians’ support was wavering last year, she walked 200 miles from the place Martyn died to Downing Street – and needed a hip replacement after.
And on Thursday, Martyn’s Law – rules to better train staff and safeguard venues against terrorists – was passed by royal assent, finally becoming law.
I sat down with Figen just before she went into Number 10 Downing Street to meet the prime minister, and she told me after six years of campaigning, the moment “feels surreal”.
She continued: “The Manchester attack was a wake up call. But it also made question, who are these people who do these things? Why are they doing it? What are governments doing about it? And I realised the only way I could get the answers was to educate myself – so I did a masters in counter-terrorism.
“I’ve recognised that people were radicalised. When you were a newborn baby, you were innocent but somebody poisoned your mind.
“There are people who try to groom young people into their ideology, and I want them to recognise where these people operate, the tricks they use, the things they say and how they can recognise themselves or others in the process of being radicalised and how to get out.”
Martyn Hett
She also supports the initiative to show the Netflix drama Adolescence in schools: “I think it’s absolutely important that young people see that programme and they learn more about it. It’s a good thing and I’m hoping they’re taking it further.”
There will be a debate – certainly – about the financial impact the legislation will have on venues, but the legislation has been welcomed by safety campaigners.
Emma Kay, co-founder of personal safety app WalkSafe which geo-fences events and stadiums, said: “The passing of Martyn’s Law is hugely progressive move that will keep young people safe on nights out.
“Our research has shown that 63% of women prefer to visit venues with safety initiatives in place. People want safer experiences and to know their friends and loved ones arrive home safely.”
Read more:
Martyn’s Law: Terrorism response bill named after Manchester Arena bombing victim becomes law
When I sat down with Figen, I asked her how Martyn would feel today.
“Knowing Martyn, the party animal he was, he’d throw the biggest party ever,” she said.
“He was full of life and lived life not just at 100 miles an hour, but 200 miles an hour.
“You would definitely know when he came through the door, and he had an incredible ability to make everyone feel that they are the most important person in that moment in his life. And I really miss that.”
You can watch Sophy Ridge’s full interview with Figen Murray on the Politics Hub at 1900 on Sky News.
Lawmakers in the US Senate Banking Committee voted to advance the nomination of Paul Atkins to be a member of Securities and Exchange Commission (SEC), paving the way for a full floor vote in the chamber.
In an April 3 executive session of the banking committee, lawmakers voted 13-11 for Atkins to serve two consecutive terms as an SEC commissioner, taking over former Chair Gary Gensler’s term and another term ending in 2031.
Atkins’ nomination will soon go to the Republican-controlled Senate for a full floor vote, where many experts suggest he is likely to be confirmed.
Senator Tim Scott addressing lawmakers on April 3. Source: US Senate Banking Committee
Before calling for a vote, committee chair Tim Scott said Atkins would bring “much-needed clarity for digital assets.” Ranking member Elizabeth Warren reiterated earlier concerns about Trump’s SEC pick helping “billionaire scammers” like former FTX CEO Sam Bankman-Fried and Tesla CEO Elon Musk “actively trying to destroy” federal agencies.
This is a developing story, and further information will be added as it becomes available.
The US Treasury Department sanctioned eight cryptocurrency wallet addresses linked to Russian crypto exchange Garantex and the Houthis.
The United States Office of Foreign Assets Control (OFAC) sanctioned eight crypto addresses that data from blockchain forensic firms Chainalysis and TRM Labs had linked to the organizations. Two are deposit addresses at major crypto platforms, while the other six are privately controlled.
Visualization of transaction flow related to OFAC sanctions. Source: Chainalysis
The addresses in question reportedly moved nearly $1 billion worth of funds linked to sanctioned entities. Most of the transactions funded Houthi operations in Yemen and the Red Sea region.
Slava Demchuk, a crypto-focused money laundering specialist and United Nations Office on Drugs and Crime consultant told Cointelegraph that “the inclusion of Houthi-linked wallets reflects a broader recognition of crypto’s role in geopolitical conflicts and terrorism financing.” He added:
“The implications are far-reaching — compliance frameworks must adapt swiftly, attribution efforts will intensify, and decentralized platforms may face increased scrutiny.“
Demchuk highlighted that the situation reshapes the regulatory landscape. According to him, crypto “is now firmly within the scope of international security.
Who are the Houthis?
The Houthis, also known as Ansar Allah, are a Yemeni political and armed movement that emerged from the Zaidi Shia community. Originating as a revivalist and reformist group, they later became a major force in Yemen’s ongoing conflict.
Related: US DOJ says it seized Hamas crypto meant to finance terrorism
In recent years, the Houthis have engaged in attacks against both military and civilian vessels in the Red Sea with missiles and drones. In January, US President Donald Trump designated the group as a foreign terrorist organization.
The announcement noted that “the Houthis’ activities threaten the security of American civilians and personnel in the Middle East, the safety of our closest regional partners, and the stability of global maritime trade.” The group was recently struck by a US bombing campaign.
Related: Binance claims’ no special relationship’ with Hamas, argues to dismiss lawsuit
Garantex: Russia’s crypto laundromat
Garantex is a Russian crypto exchange that was sanctioned and shut down in early March after purportedly helping money-laundering efforts. At the time, Tether — the leading stablecoin operator and issuer of USDt — froze $27 million in USDt on the platform, forcing it to halt operations.
The platform has reportedly shifted millions of dollars as it sought to reboot under its new brand, “Grinex.”
In mid-March, officials with India’s Central Bureau of Investigation announced the arrest of Lithuanian national Aleksej Bešciokov, who was alleged to have operated the cryptocurrency exchange Garantex.
The arrest of the alleged Garantex founder was based on US charges of conspiracy to commit money laundering, conspiracy to operate an unlicensed money-transmitting business and conspiracy to violate the International Emergency Economic Powers Act.
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