A $400 million crypto payday tied to the Trump family is now the focus of an escalating political firestorm, one that lawmakers say could compromise the integrity of U.S. financial regulation.

Maxine Waters (D-CA) sent a joint letter to SEC Acting Chair Mark Uyeda demanding “all records and communications regarding World Liberty Financial, Inc.,” the crypto firm founded by Trump associates and heavily promoted by President Donald Trump’s family.

In a scathing four-page letter, the top lawmakers on the Senate Banking and House Financial Services Committees said the family’s deep financial involvement with the firm “represents an unprecedented conflict of interest with the potential to influence the Trump Administration’s oversight—or lack thereof—of the cryptocurrency industry.”

The letter urges the SEC to preserve and provide records dating back to October 15, 2024, when WLFI began selling its $WLFI token through an exempt securities offering that has already brought in $550 million