August 01, 2025
The letter adopted Trump signing a crypto invoice into regulation as he and his household maintain deep ties to stablecoin based mostly on offers made with international entities
Washington, D.C. – Amid the Trump household’s explosion in wealth from its exercise in cryptocurrency, U.S. Senator Ron Wyden (D-Ore.) wrote this week to the top of the Workplace of the Comptroller of the Foreign money (OCC), a key stablecoin regulator, looking for detailed details about any steps the company is taking to make sure Donald Trump’s monumental conflicts of curiosity don’t intervene with its work to assist keep the steadiness of the U.S. monetary system.
“The launch of a stablecoin instantly tied to a sitting President who stands to learn financially from the stablecoin’s success is itself an unprecedented battle of curiosity presenting vital threats to our monetary system,” the senators wrote to Comptroller of the Foreign money Jonathan Gould, who’s main the company answerable for making certain America’s banking system and implementing provisions of the GENIUS Act.
Trump and his household reduce a cope with a international government-backed entity and international company, which lately pleaded responsible to violating U.S. anti-money laundering and sanctions. That deal allow them to probably rake in tons of of tens of millions of {dollars} from this extremely publicized and corrupt transaction. This cope with MGX-Binance (MGX) got here as Congress was contemplating crypto laws that will improve OCC’s oversight into regulating stablecoin.
The senators continued of their letter, “Taken collectively, the passage of the GENIUS Act and the President’s Government Order raises critical considerations that President Trump may block OCC actions that cut back the profitability of his stablecoin undertaking, or direct the OCC to take actions which can be favorable to World Liberty Financial (WLF) – or that, even absent path, the OCC may really feel stress to take action–regardless of the expense or the affect of these interventions on the economic system and the monetary system.”
To make sure the OCC is ready to uphold its mandate with out being concerned in Trump and his household’s monetary battle of pursuits, the senators requested a response from Comptroller Gould detailing how he’ll safeguard the company’s work from presidential interference.
Along with Wyden, the letter is led by Senators Elizabeth Warren, D-Mass., and Chris Van Hollen, D-Md.
The total textual content of the letter is here.
