According to ChainCatcher, Democratic Congressman Waters used World Liberty Financial, a cryptocurrency lending platform promoted by Trump and his sons, as an example at a hearing on Capitol Hill to highlight the higher risks consumers face in the DeFi field.

Last week, the Twitter accounts of Trump's daughter Tiffany Trump and Republican National Committee Chairwoman Lara Trump were hacked. Under the control of hackers, these accounts promoted fake tokens issued by World Liberty Financial in an attempt to defraud potential buyers. Waters said that lawmakers have a responsibility to consider developing strong protections to prevent such scams from happening.

According to Trump's son Eric Trump, Twitter blocked the social media accounts controlled by hackers "within minutes." But Waters pointed out that many people were still actually harmed by this and bought fake tokens worth about $1.8 million.