Congressmen-Democrats Elizabeth Warren and Maksin Waters are afraid that the US Securities and Exchange Commission (SEC) can weaken the regulation of the crypto industry under the influence of President Donald Trump.

The Senator-Democrat from Massachusetts Elizabeth Warren (Elizabeth Warren and participant in the Financial Services of the House of US Representatives Maksine Waters sent a letter to Mark Uyeda, who acts as chairman of the SEC. They demanded that Uyed provide Congress with information about Donald Trump’s connections with his family loan board Liberty Financial (WLFI). The congressmen called on the Uyed to preserve Trump’s notes and messages related to WLFI, as well as communication with SEC.

The financial share of the Trump family in the World Liberty Financial may affect the supervision of crypto industry or completely cancel control over it, the congressmen say. They suspect that the SEC is influenced by this company. The Trump administration could instruct the federal agencies, including the SEC, so that they take a more loyal position in relation to cryptocurrencies so that the president’s family would receive material benefits from their crypto projects. This creates a conflict of interests and can prevent the regulator from fulfilling its mission to protect investors, the joint letter of Warren and Waters is indicated in a joint letter.

According to lawmakers, the Americans deserve transparent information about Trump’s cryptocurrency initiatives and how they can affect the SEC policy. The financial regulator should not depend on the administration of the country, and its decisions should not be made in the favor of the interests of the president’s family, the authors of the letter insist.

The appeal to the Uyed was sent about a week after the World Liberty Financial announced the launch of USD1 stabilcoin on BNB Chain blockchains and Ethereum. After the President’s post, the Trump family launched several more crypto projects, in particular, Trump and Melania memcoirs. Waters criticized this step of Trump, saying that his family was “profitable in cryptocurrencies.”