Author: Brayden Lindrea, CoinTelegraph; Compiler: Tao Zhu, Golden Finance

A Democratic congressman has called on the U.S. House Oversight and Reform Committee to investigate whether President Donald Trump’s cryptocurrency investments are related to his Conflicting presidential responsibilities.

Virginia Rep. Gerald Connolly said in a Jan. 21 letter to committee Republican Chairman James Comer that Trump may have freed himself from his financial (WLF) platform and the official Trump (TRUMP) memecoin, which may violate ethical standards and create security risks.

Connolly said Trump’s WLF was “particularly troubling” because its largest investor — Tron founder Justin Sun — is a foreign entrepreneur, the SEC charged He was guilty of securities fraud.

He added that financial "entanglements" like this raise "serious security concerns" about the potential for foreign influence in the United States.

Justin Sun invested $75 million in World Liberty by purchasing its namesake token. Connolly said the investment helped the Trump family's company surpass its self-imposed revenue threshold "which can start funneling cash directly to President Trump."

"If this practice is allowed to continue unchecked, it will demonstrate to the American people that oversight boards are unwilling or unable to enforce the standards they claim to uphold," Connolly said.

Letter from Gerald Connolly to James Comer of the Committee on Oversight and Reform. Source: Oversight Committee Democrats

He added that Trump was unlikely to support a "single provision" of the Presidential Ethics Reform Act without intervention from the committee. The law requires financial disclosures and conflict-of-interest checks, among other requirements.

“If these reforms are to have any meaning, they must be implemented universally,” Connolly said.

Trump’s team launched the controversial TRUMP memecoin two days before the inauguration — a move that led ethics experts to express concern that Trump could “profit” from his presidency.

Trump admitted that he did not know much about the launch of the TRUMP token when asked about it at a press conference on January 21.

"I don't know where it is. I don't know much about it other than that I released it and that it was very successful."