The Democratic lawmakers said the purpose of their investigation was to “determine whether regulatory changes are needed to prevent violations of election finance, consumer protection, bribery, securities fraud and other anti-corruption laws,” as well as “to prevent financial improprieties involving current or future federal officials.”

In the letter, the lawmakers said WLFI may have been misused as a “foreign influence peddling vehicle,” as some of its token sales were directed to foreign investors, who are “generally subject to less stringent regulations than U.S. investors.”

Trump’s meme coin also drew criticism, with the lawmakers arguing in the letter that the identities of the token buyers were not disclosed, which could open the door to malicious actors purchasing tokens “in an effort to please Trump.”