Senate Democrats Probe Comptroller on Crypto Concerns
In a recent development, three Democratic senators have initiated a formal inquiry addressed to the new head of the Office of the Comptroller of the Currency (OCC) concerning the U.S. President’s involvement in cryptocurrency projects. This inquiry also raises questions about a possible conflict of interest involving the Trump family’s stablecoin, USD1.
Senators Demand Clarity from Banking Regulator
On Thursday, Senators Elizabeth Warren, Chris Van Hollen, and Ron Wyden formally reached out to Jonathan Gould, the newly appointed Comptroller of the Currency, following the enactment of a groundbreaking stablecoin framework. The correspondence seeks Gould’s perspective on several pressing crypto-related issues.
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The senators have requested specific information regarding measures that will be implemented to ensure that President Trump’s financial interests do not compromise the OCC’s role in safeguarding the U.S. banking system. The focus is particularly on the oversight of the stablecoin market under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.
According to the letter, the recent passage of the GENIUS Act designates the OCC as the chief authority over federally licensed stablecoin issuers. This role includes managing applications, setting regulations, supervising issuers, and enforcing legal compliance.
The senators express concern that the OCC might soon have to evaluate a stablecoin issuer application linked to President Trump and his family, making it imperative for the agency to draft regulations that could affect the President’s financial interests.
Concerns Over Trump Family’s Crypto Dealings
The letter highlights significant apprehensions regarding the Trump family’s involvement in cryptocurrency. President Trump’s venture, World Liberty Financial (WLFI), launched the USD1 stablecoin in March 2025, coinciding with Congressional discussions on related laws.
The senators argue that the launch of a stablecoin tied to a current President presents an unprecedented conflict of interest, posing potential risks to the financial system. They emphasize that Trump’s financial gains from USD1 and other WLFI cryptocurrency initiatives are not merely hypothetical.
The letter points to a $2 billion agreement between WLFI and the Emirati enterprise MGX, suggesting that the President may have demonstrated a questionable model of corruption. This deal involves USD1 in facilitating transactions between a state-backed foreign entity (MGX) and a foreign company previously found guilty of breaching U.S. anti-money laundering and sanctions laws (Binance).
The senators are particularly concerned about President Trump’s capacity to shape national cryptocurrency policy for personal financial gain.
Request for Accountability
In light of these concerns, the senators have asked Comptroller Gould to provide answers by August 14. They seek clarification on whether Gould believes President Trump could dismiss him at will and whether any major regulatory proposals will be submitted to the White House for approval. Additionally, they inquire if Gould will resign and report to Congress if pressured to favor WLFI or disadvantage its competitors.
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