Recently, a group of Senate Democrats reached out to the Office of the Comptroller of the Currency (OCC) to express concerns over potential conflicts of interest regarding the crypto ventures associated with the Trump family, particularly the stablecoin named USD1.
Senators Address Regulatory Concerns
A letter was dispatched to Jonathan Gould, the newly appointed Comptroller of the Currency, by Senators Elizabeth Warren, Chris Van Hollen, and Ron Wyden. This communication follows the recent enactment of a significant framework for stablecoins that has captured national attention.
We urge you to disclose the measures you will implement as head of the OCC to prevent potential financial conflicts of interest tied to President Trump from hindering the agency’s objective to maintain a secure banking ecosystem, especially concerning the stablecoin market governed by the recently passed GENIUS Act.
The recently adopted GENIUS Act positions the OCC as the main supervisory body over federally approved stablecoin issuers. This adds significant responsibilities, including the assessment of issuer applications, creation of regulations, and enforcement of compliance standards.
Consequently, the OCC may be tasked with evaluating applications from entities linked to President Trump, which raises valid concerns over regulatory neutrality and integrity.
The letter highlighted that the enacted GENIUS Act doesn’t safeguard against potential financial benefits for President Trump and his affiliates stemming from the issuance of stablecoins, raising alarms among Democratic senators who have voiced these anxieties this legislative year.
Earlier in June, Democratic lawmakers proposed the COIN Act, designed to mitigate crypto-related conflicts of interest by preventing key officials, including the President and Vice President, from engaging in cryptocurrency businesses while in office.
Trump Family’s Involvement in Crypto
The letter elaborated on potential conflicts stemming from President Trump’s venture, World Liberty Financial (WLFI), which introduced the USD1 stablecoin in March 2025 amidst congressional discussions on relevant regulatory issues.
The senators delineated that the introduction of a stablecoin connected to a sitting president poses an unprecedented conflict of interest, significantly endangering the integrity of the financial system. They contended that these conflicts are not merely speculative.
The senators also emphasized a $2 billion transaction between WLFI and an Emirati company, MGX, criticizing the situation as a “worrisome precedent for corruption” by leveraging USD1 to facilitate dealings with a foreign government-supported firm and a foreign corporation that has admitted to breaches of U.S. anti-money laundering laws.
Simply put, President Trump and his family’s wealth is closely linked to the prosperity of USD1, while he concurrently wields the authority to shape national cryptocurrency regulations in ways that could enrich him.
In light of these serious matters, the senators requested detailed responses from Comptroller Gould by August 14. The inquiries included whether he believes his position could be influenced by presidential power and whether any pivotal regulations would require review by the White House.
Moreover, they sought assurance that he would resign and report to Congress if pressures arose to benefit WLFI or disadvantage its rivals.
