A $75 million loan backed by nearly half a billion dollars worth of a company’s own tokens is now at the center of a Senate push to get regulators involved in the Trump family’s crypto operations.

The Loan That Raised Questions

World Liberty Financial, the crypto project tied to US President Donald Trump and his family, reportedly used around $440 million worth of its WLFI governance tokens as collateral to borrow money through Dolomite, a decentralized lending platform.

The transaction produced roughly $65 million in the company’s own USD1 stablecoin and another $10 million in USDC. What made the deal stand out was the timing.

Regular investors who held WLFI tokens were still locked in — blocked from selling — while the…