In a new letter, a trio of Senate Democrats pressed the new head of the Currency Controller’s Office (OCC) on the cryptographic companies of the American president and a conflict of potential interest linked to the stablecoin of the Trump family, USD1.
Senators question the banking regulator
Thursday, three Democratic senators sent A letter to a newly confirmed collector of the Jonathan Gould currency following the recent signature of the highly anticipated Stablecoin frame. Senators Elizabeth Warren, Chris Van Hollen and Ron Wyden pressed the head of the West concerning his position on several subjects linked to the crypto.
We are asking for information on the steps you will take as a controller to ensure that President Trump’s financial interest conflicts do not influence the Currency Controller’s Office (OCS) to ensure the safety and solidity of our banking system – including their efforts to supervise the market for stable payment of the implementation of the genes.
As indicated in the letter, the adoption of the law of guide and establishment of national innovation for American stables (engineering) now establishes the OCSA as the main regulator of stablecoin issuers authorized by the federal government, making the agency responsible for the approval of requests, the promulgation of rules, the supervision of issuers and the organization of the application of applications for the violations of the law.
Excerpt from Senate Democrats' letter to Comptroller Gould. Source: Law360
Consequently, “the occurrence could soon be in the position where it must review a request for a stablecoin issuer submitted by a company directly linked to President Trump and his family and to write regulations that clearly influence the president’s finances.”
For senators, the law on genius “does nothing to prevent” President Trump, his family or his affiliated companies to “benefit financially from the program and the sale of stablecoins and their use in transactions”, which was an increasing concern for the Democrats of the Senate this year.
In June, democratic legislators proposed a bill to prevent conflicts of interest related to crypto. As Bitcoinist reported, Senator Adam Schiff presented the law on income and non-divulgations (corner) of civil servants to prohibit the president, the vice-president and their immediate family from embarking on a cryptography company during his mandate.
Trump family crypto conflicts
Discussing the conflicts of potential interests, the letter noted that the cryptocurrency of President Trump, World Liberty Financial (WLFI), launched the stablecoin of the USD1 in March 2025, just as the Congress began to assess the related legislation.
The senators explained that “the launch of a stablecoin directly linked to an exercise president who benefits financially from the success of the stablecoin is himself an unprecedented conflict of interest with important threats to our financial system”, arguing that Trump’s interests of interest are “not theoretical”.
They underlined the agreement of $ 2 billion between the WLFI and the firm Emirati MGX, alleging that the president announced an “amazing model of corruption” by using USD1 to finance cases between “a foreign entity supported by the government (MGX) and a foreign company which pleaded guilty to criminal violations of the laundry and the sanctions (Bin) ”.
In other words, President Trump and the personal wealth of his family are intimately linked to the success of other companies in the USD1 and WLF cryptocurrency; President Trump, on the other hand, has the power to directly influence the country’s cryptocurrency policy to its financial advantage.
Consequently, they asked that the Gould controller answers certain crucial questions by August 14. Among the surveys, the senators asked him if he thought that President Trump could remove him “his pleasure” and if the banking regulator would subject important rules to the White House for examination.
They also asked if the head of the WOI would resign and provide evidence to the Congress if he was forced to benefit the WLFI or to harm his competitors.
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