A group of U.S. Senators, including Elizabeth Warren, Chris Van Hollen, and Ron Wyden, are seeking clarifications from the Office of the Comptroller of the Currency (OCC) regarding potential financial conflicts of interest involving the Trump family's cryptocurrency assets.
Senators' Requests to OCC
The senators sent a letter to OCC Chief Jonathan Gould expressing concerns over the Trump family's crypto business ventures. They noted that the family holds stakes in a stablecoin and decentralized finance (DeFi) platform, which could jeopardize the integrity of U.S. financial oversight.
Controversial Deals and Risks
Central to their concern is USD1, a stablecoin launched in March 2024 by the Trump-backed World Liberty Financial. According to CoinGecko, it has a market cap of $2.17 billion, making it the seventh-largest stablecoin globally. The senators also flagged a controversial $2 billion deal in which the Emirati firm MGX is set to invest in crypto exchange Binance using USD1.
Can OCC Ensure Transparency?
The senators posed a series of pointed questions to Gould, including whether he could be removed by the president and whether he would be prepared to resign under political pressure. They also demanded to know if the OCC would investigate World Liberty Financial's competitors.
The senators' request highlights the growing concern over transparency and oversight in the rapidly evolving cryptocurrency sector, particularly involving high-profile figures like Donald Trump.
