U.S. House Democrats want a government oversight committee to investigate President Donald Trump over his crypto ventures, and the Chicago Mercantile Exchange (CME) briefly listed a page for upcoming derivatives tied to cryptocurrencies.

Phemex crypto exchange has halted withdrawals after being alerted to “suspicious” outflows worth nearly $30 million, which caused alarm among blockchain security firms.

According to on-chain security firm Cyvers, Phemex has seen over $29 million in crypto transfers across multiple blockchains, including BNB, Polygon, Arbitrum, and Base (BASE).

Cyvers noted in his Jan. 23 post that the outflows pointed to “suspicious transactions” involving Phemex hot wallets:

“Over $29 million in digital assets were transferred by suspicious addresses. These addresses have already started exchanging assets for $ETH.”

Meir Dolev, co-founder and chief technology officer of Cyvers, highlighted that 125 suspicious transactions were recorded on 11 blockchains and some assets had already been swapped to bypass freezing measures.

“Some tokens and stablecoins have already been modified to avoid freezing.”

In response, Phemex announced on January 23 that it was temporarily suspending withdrawals to conduct a comprehensive security review and improve wallet services:

“To ensure security, withdrawals have been temporarily suspended while we conduct an emergency investigation and strengthen wallet services.”

Democratic Rep. Gerald Connolly called on James Comer, the Republican chairman of the U.S. House Oversight and Government Reform Committee, to investigate whether President Donald Trump’s crypto initiatives conflict with his duties as president.

Connolly said Trump could currently profit from the World Liberty Financial (WLF) platform and the Official Trump (TRUMP) memecoin, potentially violating ethical standards and creating national security risks.

He added that it was “particularly troubling” because World Liberty’s largest investor was Tron founder Justin Sun, who the Securities and Exchange Commission has charged with securities fraud.

Connolly added that financial “entanglements” like this raise “serious national security concerns” about the potential for foreign influence on U.S. policy.

“Allowing such practices to continue unchecked would send a message to the American people that the Oversight Committee is unwilling or unable to enforce the standards it claims to uphold,” he said.

The CME website has hinted at the introduction of SOL and XRP futures contracts, which could launch as early as February 10, pending regulatory review.

According to the website, which later removed the page, contracts for both assets will be available in standard and micro sizes, with the standard SOL contract having a lot size of 500 SOL and the micro contract settling for 25 SOL.

Standard size XRP futures contracts will have a lot size of 50,000 XRP and micro futures contracts will have a lot size of 2,500 XRP. All contracts for XRP and SOL will be settled in US dollars.