In a letter to Securities and Exchange Commission Chairman Paul Atkins, Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, urged the SEC to investigate whether the Trump family’s cryptocurrency company, World Liberty Financial, misled investors or otherwise violated securities laws in connection with a recent USD 75 million borrowing backed by its own tokens. The letter frames the request in the context of investor protection and congressional consideration of crypto market structure legislation. Warren pointed to an early April transaction in which World Liberty Financial reportedly borrowed USD 75 million using about USD 440 million of its own WLFI tokens as collateral, even though investors had been explicitly barred from selling those tokens. According to the letter, the transaction was conducted through Dolomite, a decentralized lending protocol co-founded by Corey Caplan, who is also described as a World Liberty Financial adviser and chief technology officer, and involved drawing USD 65.4 million in the firm’s own USD1 stablecoin and USD 10.3 million in USDC. Warren said the announcement pushed WLFI’s price down 10 percent to a record low and was large enough to prevent some Dolomite depositors from withdrawing stablecoins. She also cited a proposed token unlock schedule announced days later that would keep investors from selling for at least two years, arguing that it left investors with no clear path to liquidity and that early investors remain unable to sell 80 percent of their holdings. Warren requested that the SEC provide answers by May 26, 2026.

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