In a new letter, a trio of Senate Democrats has pressed the new head of the Office of the Comptroller of the Currency (OCC) about the US President’s crypto ventures and a potential conflict of interest related to the Trump family’s stablecoin, USD1.
Senators Question Banking Regulator
On Thursday, three Democratic senators sent a letter to newly confirmed Comptroller of the Currency Jonathan Gould following the recent signing into law of the highly anticipated stablecoin framework. Senators Elizabeth Warren, Chris Van Hollen, and Ron Wyden pressed the OCC’s chief regarding his stance on multiple crypto-related topics.
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.
As stated in the letter, the passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act now establishes the OCC as the primary regulator of federally licensed stablecoin issuers, making the agency responsible for approving applications, promulgating rules, supervising issuers, and initiating enforcement actions for violations of the law.
Excerpt from Senate Democrats’ letter to Comptroller Gould. Source: Law360
Therefore, “the OCC may soon be in the position where it has to review a stablecoin issuer application submitted by a company directly tied to President Trump and his family and to draft regulations that clearly influence the President’s finances.”
To the Senators, the GENIUS Act “does nothing to prevent” President Trump, his family, or his affiliates from “financially benefiting from the issuance and sale of stablecoins and their use in transactions,” which has been an increasing concern for Senate Democrats this year.
In June, Democratic lawmakers proposed a bill to prevent crypto-related conflicts of interest. As reported by Bitcoinist, Senator Adam Schiff introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act to ban the president, vice president, and their immediate family from getting into any crypto business while in office.
Trump Family’s Crypto Conflicts
Discussing the potential conflicts of interest, the letter noted that President Trump’s crypto venture, World Liberty Financial (WLFI), launched the USD1 stablecoin in March 2025, just as Congress began to evaluate related legislation.
The senators explained that “the launch of a stablecoin directly tied to a sitting President who stands to benefit financially from the stablecoin’s success is itself an unprecedented conflict of interest presenting significant threats to our financial system,” arguing that Trump’s conflicts of interest are “not theoretical.”
They highlighted the $2 billion deal between WLFI and the Emirati firm MGX, alleging that the President has advertised a “staggering model for corruption” by using USD1 to finance business between “a foreign government-backed entity (MGX) and a foreign corporation that pleaded guilty to criminal violations of U.S. anti-money laundering and sanctions laws (Binance).”
In other words, President Trump and his family’s personal wealth is intricately tied to the success of USD1 and WLF’s other cryptocurrency ventures; President Trump, meanwhile, has the power to directly influence the nation’s cryptocurrency policy to his financial benefit.
As a result, they requested that Comptroller Gould answer some crucial questions by August 14. Among the inquiries, the senators asked him if he believes President Trump could remove him “at his pleasure” and if the banking regulator will submit any significant rulemakings to the White House for review.
They also asked whether the OCC chief would resign and provide evidence to Congress if he was pressured to benefit WLFI or harm its competitors.
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