The Trump family has reportedly reduced its stake in World Liberty Financial (WLFI), a major crypto project linked to President Donald Trump. This is because public criticism over Trump’s deep involvement in crypto continues to grow. This is especially true among the Democratic lawmakers.
Trump Family’s Stake in WLFI Drops from 60% to 40%
According to a recent Forbes report, one of Trump’s companies has reduced its ownership in World Liberty Financial from 60% to 40% within the last 11 days. The project focused on decentralized finance (DeFi) and was launched just before the November presidential elections.
Since its launch, Trump and his family have heavily promoted the crypto project. Forbes also reported that 75% of all funds raised after the first $30 million went to Trump and his family members, showing that the family is the majority stakeholder.
This raised concerns over whether a political figure should benefit financially from such ventures.
U.S. Lawmakers Raise Conflict of Interest Concerns
Trump’s involvement in crypto has become a significant topic of discussion in Washington. Representative Maxine Waters introduced a bill called the Stop Trump in Crypto Act. The bill aimed to stop Trump’s participation in crypto but did not move past the Committee stage.
Following that, Republican and Democratic lawmakers agreed to include a conflict of interest rule in the CLARITY Act. This new rule stops public officials from having direct financial interests in crypto ventures.
However, the White House opposed the conflict of interest section in the CLARITY Act. This forced lawmakers to reconsider the wording, although the bill still passed through the Committee markup phase.
Lawmakers plan to change the clause before the bill goes to the full House for a vote.
WLFI Gains Ground Despite Ongoing Criticism
Despite the continued criticism, World Liberty Financial recently secured a significant boost. A new stablecoin bill that passed the Committee stage could benefit the company. WLFI is the company that created the USD1 stablecoin, which was used in a $2 billion deal with Binance.
The new law may cover this stablecoin, further protecting it. In a bold move, President Trump has urged lawmakers to fast-track the GENIUS Act stablecoin bill without any additional changes.
The president is urging the bill, which recently cleared the final Senate vote, to be quickly approved and sent to his desk.
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