PANews reported on May 16 that according to The Block, the Trump-backed DeFi project World Liberty Financial rejected Senator Blumenthal's allegations about its USD1 stablecoin and its relationship with the Trump family, calling the investigation "fundamentally wrong." Law firm BakerHostetler responded that USD1 is fully backed by U.S. debt and cash, and aims to enhance the global status of the U.S. dollar and promote financial inclusion, denying any connection with Fight Fight Fight LLC, the issuer of Trump memecoin.