Investing.com -- Democratic Senator Elizabeth Warren has requested information from the U.S. Securities regulator regarding its plans for regulating exchange-traded funds (ETFs) proposed by a company largely owned by President Donald Trump. The company in question is Trump Media & Technology Group.
In a letter to Commission Chairman Paul Atkins, Warren emphasized the importance of ensuring that all SEC decisions and actions involving Trump Media & Technology Group and President Trump’s financial interests are free from undue political influence. She stressed that these actions should be free from any interference by the President or his administration.
Warren, who is the ranking member of the U.S. Senate’s banking committee, also asked Atkins to retain all communications concerning the agreement between Trump Media & Technology Group and a cryptocurrency firm. This firm is set to host the ETF and other investment products, some of which will include digital assets.
The senator pointed out that Trump Media’s recent announcement of a proposed sale of investment products that require the SEC’s regulatory approval represents an "extraordinary conflict of interest.” This is due to the fact that a sitting president is requesting an agency he oversees to approve investments he controls.
Warren also highlighted that the president has tried to exert his control over independent agencies like the SEC. This letter comes three weeks after Democrats asked the SEC to keep records related to Trump’s new cryptocurrency project, World Liberty Financial. They hope to gain a better understanding of how the Trump family’s financial interest in World Liberty Financial might be influencing the Commission’s activities.
In response to the Democrats’ previous letter to the SEC about World Liberty, a White House spokesperson stated on April 2 that President Trump’s assets are managed by a trust controlled by his children, suggesting no conflicts of interest exist.
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