Three US Senators, including Elizabeth Warren, expressed concerns regarding potential conflicts of interest in the Trump family's crypto business, particularly related to the launch of the USD1 stablecoin.
Senators' Letter to OCC
Senators Elizabeth Warren, Chris Van Hollen, and Ron Wyden sent a letter to the head of the Office of the Comptroller of the Currency (OCC), Jonathan Gould, expressing concern over 'the continued use of cryptocurrency business ventures by the Trump family to line their pockets.' They requested information on the steps the OCC will take to prevent financial conflicts of interest involving President Donald Trump.
Trump Family's Crypto Ventures
The Trump family has become involved in several crypto businesses, including a crypto mining firm and a trading platform that has launched a stablecoin. The senators noted that the family's personal wealth is 'intricately tied' to the success of USD1 and their other cryptocurrency ventures.
Senators' Demands and Next Steps
In the letter, the senators inquired whether Trump could remove Gould and if an investigation into World Liberty's competitors would be initiated. They also highlighted concerns regarding a $2 billion deal with MGX, which could potentially lead to significant profits for the Trump family.
The senators' letter underscores the growing scrutiny regarding the influence of family members on the cryptocurrency sector and the vigilance of regulators concerning potential conflicts of interest.
