Senators press regulators on Trump’s WLFI stablecoin

US Senator Elizabeth Warren and four colleagues quizzed leadership at the OCC and Fed about the “unprecedented risks” of President Donald Trump overseeing the WLFI stablecoin.

Five Democratic lawmakers in the US Senate have called on leadership at regulatory agencies to consider the potential conflicts of interest from a stablecoin launched by World Liberty Financial (WLFI), the crypto firm backed by US President Donald Trump’s family.

In a March 28 letter from the US Senate Banking Committee, Massachusetts Senator Elizabeth Warren and four other Democrats asked the Federal Reserve’s committee chair on supervision and regulation, Michelle Bowman, and acting comptroller of the currency, Rodney Hood, how they intended to regulate WLFI and its stablecoin, USD1.

March 28 letter from five Democratic senators to OCC, Fed leadership. Source: US Senate Banking Committee

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