Democratic Senators Chris Van Hollen, Ron Wyden, and Elizabeth Warren have written a letter to the recently confirmed Comptroller of the Currency, Jonathan Gould. The trio questioned Gould on his plans to begin policing the payment stablecoin market in which Trump’s family businesses are involved.
In the letter, Gould was asked about implementing major crypto legislation that the U.S. President Donald Trump signed into law earlier this month, creating a regulatory framework for stablecoins, which are a type of digital currency typically tied to the U.S. dollar.
“We write today regarding President Trump and his family’s continued use of cryptocurrency business ventures to line their pockets,” the Senators wrote, “We request information on the steps you will take as Comptroller to ensure that President Trump’s financial conflicts of interest do not influence the Office of the Comptroller of the Currency’s (OCC) efforts to ensure the safety and soundness of our banking system—including its efforts to oversee the payment stablecoin market pursuant to the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.”
Trump Under Scrutiny
In March 2024, the decentralized finance platform World Liberty Financial, owned by the Trump family, announced the launch of a stablecoin called USD1. The senators said in the letter that the Trump family’s personal wealth is closely intertwined with the success of USD1.
The letter also mentions that senators are concerned about the fact that President Trump is empowered to directly influence the nation’s cryptocurrency policy to his financial benefit.
Meanwhile, the letter addressed to Gould echoes rising concerns about maintaining regulatory independence and prevention of conflicts of interest in cryptocurrency policy developments.
Also Read: Bitcoin Dips Below $115K After Trump’s Fresh Tariff Order
