U.S. Senator Elizabeth Warren, who is skeptical about cryptocurrencies, led a letter to the Office of the Comptroller of the Currency (OCC), expressing concerns about potential conflicts of interest involving the Trump family's cryptocurrency business interests.
Warren, along with Senators Chris Van Hollen and Ron Wyden, stated in a letter to OCC head Jonathan Gould on Thursday that they are worried "Trump and his family continue to profit from cryptocurrency business investments."
They requested to know what measures the OCC will take to ensure that President Trump's "financial conflicts of interest do not affect the OCC's efforts to ensure the safety and soundness of the banking system."
Trump and his family have been involved in several cryptocurrency ventures, including a cryptocurrency mining company and a trading platform that has launched a stablecoin.
The three senators expressed concerns about the recently passed stablecoin legislation, the GENIUS Act, which designates the OCC as the primary regulator for stablecoins.
"Notably, the bill does not prevent President Trump, his family, or their affiliates from profiting economically from the issuance and sale of stablecoins and their use in transactions," the letter stated.
In March 2024, the Trump family's decentralized finance platform, World Liberty Financial, announced the launch of a stablecoin called USD1.
The senators noted that the Trump family's personal wealth is "closely tied" to the success of USD1 and their other cryptocurrency investments, adding that President Trump "has the power to directly influence the nation's cryptocurrency policy for economic gain."
The letter also highlighted a $2 billion deal in which the UAE company MGX will use USD1 to invest in the cryptocurrency exchange Binance, which the three called "an astonishing pattern of corruption," as the deal could yield "potential hundreds of millions" in profits for the Trump family.
The senators expressed dissatisfaction with USD1 being used to fund what they termed "foreign government-supported entities (MGX) and a foreign company (Binance) that pleaded guilty to violating U.S. anti-money laundering and sanctions laws."
Reports indicate that Binance also helped create the code supporting USD1.
The letter inquired whether Gould believes Trump can "arbitrarily" remove him from his position and whether Gould would resign and provide evidence to Congress if pressured.
They also asked whether the OCC would investigate competitors of World Liberty, requesting a response by August 14.
According to CoinGecko data, the Trump family's stablecoin USD1 is the seventh-largest stablecoin globally, ahead of PayPal and Ripple's stablecoins, with a market capitalization of $2.17 billion.
Related: Michael Saylor joins the regulatory call, U.S. accelerates cryptocurrency legislative process
Original: “Democrats Pressure Banking Regulator, Question Trump Stablecoin Conflicts of Interest”
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