The Trump family has reportedly reduced its stake in World Liberty Financial amid backlash over the president's active involvement in crypto.
The $TRUMP family has reportedly reduced their stake in their major crypto venture, World Liberty Financial (WLFI).
The development comes amid criticism from major Democrats over Donald Trump's involvement in crypto and how it creates a conflict of interest in his public service.
Trump family reduces stake in WLFI by 40%
A Trump company has reduced its stake in the DeFi project from 60% to 40% in the past 11 days, Forbes reports. The president and his family unveiled the plan just before the US presidential election in November last year.
The Trump family actively promoted the project's token sale, with the president making an official announcement from his Mar-a-Lago residence in Florida. Forbes revealed that 75% of the proceeds after the first $30 million went to Trump and his family.
The Trump family's move to reduce its stake in World Liberty Financial comes amid criticism of the president's involvement in crypto. Rep. Maxine Waters went so far as to introduce a bill, the 'Stop Trump in Crypto Act', which did not make it out of the committee stage.
Meanwhile, recently, Republicans and Democrats agreed to add a conflict of interest clause to the Clarity Act, to address Trump's involvement in crypto. The provision was intended to prevent other public officials, such as the vice president, and members of Congress, from actively participating in crypto.
However, the White House objected to the provision in the Clarity Act, preventing a setback for the bill, which has just passed the committee markup stage. These lawmakers plan to add more appropriate language to the bill before it goes to the House floor.
It is worth noting that the Trump family's World Liberty Financial is about to issue the USD1 stablecoin. As such, the recently passed stablecoin bill represents a major win for the company. $TRUMP has already asked the US House to pass the GENIUS Act without any additions and bring it to his desk quickly.
