Gerry Connolly, the top Democrat on the House oversight committee, wrote to the committee's Republican chairperson a day after the start of Mr. Trump's new term demanding an investigation into the president's business ties. "The committee must take immediate action to investigate the serious conflicts of interest that Donald Trump has brought into the Oval Office," he said in the letter. "The expanding scope of financial entanglements and quid pro quo commitments by President Trump - and the Trump Organization - is troubling." In addition, Maxine Waters, the ranking Democrat on the House Financial Services Committee, said in a statement: "Through his meme coin, Trump has created a way to circumvent national security and anti-corruption laws by allowing parties to anonymously send money to him and his inner circle. Buyers, which could include large corporations, allies forced to show'respect 'to the president, and our adversaries, could benefit greatly from influencing Trump's presidency." Waters argued that the token not only harmed Trump's interests, but also tarnished the entire industry.