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Trump’s Crypto Ventures Spark Ethics Probe Over Transparency and Security

Donald Trump’s involvement in cryptocurrency ventures has sparked calls for a formal ethics investigation , led by US Representative Gerald Connolly. Concerns are growing over potential conflicts of interest and transparency issues surrounding Trump’s financial ties, particularly regarding his role in the crypto project World Liberty Financial (WLF) and the launch of the "TRUMP" meme coin. Connolly has written to the House Oversight and Government Reform Committee, urging an inquiry into whether Trump’s crypto-related activities violate ethics and transparency standards. He warns that these ventures could compromise national security and allow foreign entities to gain undue influence. At the center of the controversy is WLF, a cryptocurrency initiative tied to Trump’s vision of financial independence. Reports reveal that Justin Sun , the founder of Tron and a figure under investigation by the SEC for alleged securities fraud, invested $30 million in WLF tokens. Connolly claims this investment helped WLF meet its revenue goals, possibly directing funds to Trump and his family. The congressman describes these financial connections as troubling, raising questions about ethical and legal boundaries under the Presidential Ethics Reform Act. In addition to WLF, Trump’s personal cryptocurrency, the TRUMP meme coin, has raised alarms. The coin, launched shortly before Trump’s inauguration, surged dramatically in value, reaching a fully diluted valuation close to $40 billion. Despite its initial success, its value has fluctuated, recently trading around $37.93. When asked about the coin, Trump appeared unfamiliar with its specifics, stating only that it was “very successful.” Critics argue that the TRUMP meme coin could be used to bypass national security and anti-corruption laws. Congresswoman Maxine Waters has labeled it “the worst of crypto,” emphasizing its potential to allow anonymous financial transactions that could benefit Trump’s circle or sanctioned individuals. She further warned that such tools create avenues for global entities to trade and profit without oversight. Connolly’s letter also highlights the broader implications of these ventures, including concerns about quid pro quo arrangements tied to Trump’s financial dealings. While WLF tokens reportedly offer no tangible financial returns, Connolly warns that they enable foreign entities to curry favor with Trump and his organization. These developments underscore the need for immediate action to evaluate Trump’s involvement in the crypto space and ensure that national security and transparency laws are upheld. Connolly insists that without a thorough investigation, such entanglements could pose significant risks to ethical governance. NullTx

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Dogecoin ETF may be coming soon, Bitwise files registration

Bitwise has recently filed documents to the Delaware’s Department of State, applying for the registration of a Bitwise Dogecoin ETF. On Jan. 22, crypto fund manager Bitwise Asset Management submitted documents to register for a Dogecoin ( DOGE ) exchange-traded fund . The filing can be found within the Delaware Department of State’s Division of Corporations official website . The agent registered on the form was revealed to be CSC Delaware Trust Company. Bitwise’s application marks the start of the process towards establishing a Dogecoin ETF under the fund manager. A few hours after the news broke, the Polymarket poll betting on the odds of whether a Dogecoin ETF will get approved by the SEC in 2025 stood at nearly 50%. In the past 24 hours of trading, Dogecoin has dipped slightly by 3.18% to a trading price of $0.35 according to data on crypto.news. In the past week, the Shiba Inu coin has gone down by nearly 7%. DOGE currently has a market cap of more than $52 billion and a 24-hour trading volume of $2.8 billion. As previously reported by crypto.news, Dogecoin’s price movement has been showing signs of heading towards a bullish breakout amidst the ongoing crypto rally. Price chart for the Dogecoin in the few hours after the Bitwise Dogecoin ETF filing, January 23, 2025 | Source: crypto.news You might also like: Dogecoin price rare pattern and Elliot Wave points to a 110% surge Is a Dogecoin ETF on the horizon? Just two days before Bitwise’s Dogecoin ETF registration, another asset manager, REX Shares, also submitted a filing for a Dogecoin ETF to the U.S. Securities and Exchange Commission. Aside from Dogecoin, REX Shares also filed for ETFs tied to the official TRUMP meme coin, Bitcoin, Ethereum, XRP, Bonk, and Solana. Senior ETF analyst at Bloomberg, Eric Balchunas commented on the rise of the Dogecoin ETF, calling it “surreal” in a recent post on X. He also previously predicted that a Dogecoin filing would come around the end of December. Dogecoin has been gaining momentum these past few months after President-elect Donald Trump announced the creation of the Department of Government Efficiency to streamline government operations. The acronym “DOGE” is a direct reference to Dogecoin’s ticker. The new department was supposed to be led by DOGE-enthusiast Elon Musk and American politician Vivek Ramaswamy. However, on Jan. 21 Ramaswamy declared he would be stepping down from the role, leaving Musk and his team to lead the department. Read more: Washington goes DOGE as Elon Musk pushes for a leaner government NullTx