[Pages S3064-S3065]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




SENATE RESOLUTION 243--CONDEMNING THE FINANCIAL ENTANGLEMENTS OF WORLD 
   LIBERTY FINANCIAL, INC. WITH PRESIDENT DONALD J. TRUMP, THE TRUMP 
                  FAMILY, AND THE TRUMP ADMINISTRATION

  Mr. BLUMENTHAL submitted the following resolution; which was referred 
to the Committee on Homeland Security and Governmental Affairs:

                              S. Res. 243

       Whereas World Liberty Financial, Inc. (referred to in this 
     preamble as ``WLFI''), which is owned in part by President 
     Donald J. Trump and members of the Trump family, launched in 
     September 2024 with the promise of ``driving the mass 
     adoption of stablecoins and decentralized finance'';
       Whereas the Trump family took greater control over WLFI 
     during the period immediately preceding the inauguration of 
     the President, asserting a claim of more than 75 percent of 
     net revenues from token sales and 60 percent from the 
     operations of the firm;
       Whereas WLFI started attracting new attention from 
     investors after the 2024 election, raising $550,000,000 from 
     the governance

[[Page S3065]]

     token issued by WLFI, with half of those investors spending 
     more than $1,000,000 each;
       Whereas the financial ties of President Trump to WLFI allow 
     and invite anyone in the world, including foreign governments 
     and unscrupulous individuals, to directly enrich the 
     President and the Trump family, while hiding potential 
     payoffs in the pseudonymity of the blockchain;
       Whereas Justin Sun, who was facing a civil fraud case 
     beginning in 2023 from the Securities and Exchange Commission 
     over allegations of market manipulation and unregistered 
     asset sales, has invested $75,000,000 in WLFI and announced 
     that his blockchain project, TRON, would be a partner on the 
     WLFI stablecoin named USD1;
       Whereas the Securities and Exchange Commission under 
     President Trump has paused the litigation against Justin Sun, 
     and Justin Sun is now seeking to favorably settle;
       Whereas reporting indicates that the blockchain project 
     TRON of Justin Sun has become a preferred payment platform 
     for Hamas and Hezbollah to evade United States sanctions;
       Whereas WLFI has reportedly used the Trump name to solicit 
     substantial investments from cryptocurrency startups, asking 
     for between $10,000,000 and $30,000,000 in investment in the 
     governance token issued by WLFI, while WLFI would buy a 
     smaller amount of the digital coins of the startup in return 
     and pocket the difference for WLFI;
       Whereas DWF Labs, a Dubai-based cryptocurrency firm 
     suspected of engaging in market manipulation, has invested 
     $25,000,000 in the governance token issued by WLFI, making it 
     one of the largest holders of the governance token;
       Whereas, on May 1, 2025, MGX Fund Management Limited, an 
     investment firm established and backed by the government of 
     the United Arab Emirates, announced an agreement to use the 
     WLFI stablecoin to complete a $2,000,000,000 deal with 
     Binance Holdings, Ltd.;
       Whereas, as a result of the deal between MGX Fund 
     Management Limited and Binance Holdings, Ltd., President 
     Trump and the Trump family could stand to receive hundreds of 
     millions of dollars from a foreign state;
       Whereas representatives of the Trump family have reportedly 
     held talks with Binance Holdings, Ltd. about investing in the 
     United States arm of Binance Holdings, Ltd.;
       Whereas Binance Holdings, Ltd. pleaded guilty to violating 
     anti-money-laundering laws in 2023, and the founder of 
     Binance Holdings, Ltd., Changpeng Zhao, has served 4 months 
     in prison after pleading guilty to related charges;
       Whereas the Securities and Exchange Commission under 
     President Trump has paused a civil lawsuit against Binance 
     Holdings, Ltd.;
       Whereas Binance Holdings, Ltd. executives have reportedly 
     met with officials of the Department of the Treasury to 
     discuss loosening United States Government oversight on the 
     company;
       Whereas Binance Holdings, Ltd. founder Changpeng Zhao is 
     reportedly seeking a formal pardon from the Trump 
     Administration;
       Whereas President Trump has used the Federal Government to 
     enrich cryptocurrency firms through the creation of a 
     Strategic Bitcoin Reserve and United States Digital Asset 
     Stockpile and used the White House to promote 
     cryptocurrencies;
       Whereas WLFI business partners and other cryptocurrency 
     interests donated millions of dollars to the inauguration 
     fund of President Trump;
       Whereas the financial entanglements of WLFI with the 
     President, the Trump family, and the Trump Administration 
     present unprecedented conflicts of interest, national 
     security risks, and constitutional violations;
       Whereas the acceptance of a substantial payment from a 
     foreign government could unduly influence the foreign 
     policies of the United States;
       Whereas the Foreign Emoluments Clause contained in clause 8 
     of section 9 of article I of the Constitution of the United 
     States provides that no present, emolument, office, or title, 
     of any kind, may be accepted by the President of the United 
     States from a king, prince, or foreign state without the 
     consent of Congress;
       Whereas the Founders included the Foreign Emoluments Clause 
     in the Constitution of the United States, by unanimous 
     agreement of the State delegations, to ensure the President 
     would remain loyal to the Nation and the public interest;
       Whereas the Foreign Emoluments Clause of the Constitution 
     of the United States has long been understood to be 
     ``directed against every kind of influence by foreign 
     governments upon officers of the United States, in the 
     absence of consent by Congress'';
       Whereas the President of the United States has a 
     constitutional and statutory obligation to uphold the public 
     trust; and
       Whereas the violation of the Foreign Emoluments Clause of 
     the Constitution of the United States undermines public trust 
     and the integrity of public office in the United States: Now, 
     therefore, be it
       Resolved, That the Senate--
       (1) condemns the financial entanglements of World Liberty 
     Financial, Inc. with President Donald J. Trump, the Trump 
     family, and the Trump Administration for--
       (A) potentially enabling the violation of Government ethics 
     requirements;
       (B) facilitating investments from foreign governments and 
     financial transactions with foreign nationals under Federal 
     prosecution; and
       (C) posing unacceptable conflicts of interest;
       (2) affirms that the agreement between MGX Fund Management 
     Limited and World Liberty Financial, Inc. is a violation of 
     the Foreign Emoluments Clause of the Constitution of the 
     United States because President Donald J. Trump did not seek 
     the consent of Congress for such agreement; and
       (3) demands the transfer of any proceeds from any such 
     agreement nevertheless received by President Donald J. Trump 
     in violation of the Foreign Emoluments Clause contained in 
     clause 8 of section 9 of article I of the Constitution of the 
     United States to the United States Government.

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