US Senators Elizabeth Warren, Chris Van Hollen, and Ron Wyden have formally demanded the Office of the Comptroller of the Currency (OCC) investigate "unprecedented conflicts of interest" tied to the Trump family's cryptocurrency ventures. In a July 10, 2025 letter to OCC head Jonathan Gould, the lawmakers highlighted concerns over President Donald Trump's financial stake in USD1—a stablecoin launched in March 2024 by Trump-linked platform World Liberty Financial.
The senators warned USD1 creates systemic risks, citing a $2 billion deal between Emirati firm MGX and Binance that utilized the stablecoin. They emphasized Binance's involvement in developing USD1's code despite its guilty plea for U.S. anti-money laundering violations, calling the arrangement a "staggering model for corruption." With USD1 ranking as the world's seventh-largest stablecoin ($2.17B market cap per CoinGecko), the lawmakers stressed Trump's "direct financial interest" in its success could distort regulatory decisions under the recently passed GENIUS Act.
The letter demands Gould clarify by August 14 whether he can impartially oversee stablecoins given Trump's influence, noting nearly 70 administration officials hold crypto assets—including VP JD Vance and Cabinet members disclosing over $2 million in holdings. Trump's personal crypto investments have reportedly gained $620 million recently, intensifying ethics concerns.