Elizabeth Warren turns up heat on OCC over Trump family's business ventures originally appeared on TheStreet .
President Donald Trump and his family's ties to multiple crypto ventures have continued to raise eyebrows within the political circles, and Senator Elizabeth Warren (D-MA) is one of the loudest critics of what she calls Trump's corruption.
Warren has now penned a letter, again putting the First Family's crypto ventures under scrutiny.
On July 31, a group of Democrat senators, including Warren, Chris Van Hollen (D-MD), and Ron Wyden (D-OR), wrote a letter to the Office of the Comptroller of the Currency's newly appointed head Jonathan Gould, asking what steps the bureau will take to ensure that Trump's "conflicts of interest" don't influence the OCC's efforts to keep the U.S. banking system safe and sound.
The GENIUS Act , which Trump signed into law around mid-July, remained the key focus of the letter, as it deals with stablecoin regulation.
The letter asks the OCC to turn its focus on USD1 , a U.S. dollar-pegged stablecoin launched by a Trump family-backed crypto organization, World Liberty Financial (WLF), in March.
Join the discussion with CryptoWendyO on Roundtable here.
The letter also highlighted the $2 billion deal , executed via USD1, between the Emirati firm MGX and Binance, a crypto exchange that " pleaded guilty to criminal violations of U.S. anti-money laundering and sanctions laws."
Since the GENIUS Act appoints the OCC to oversee the stablecoin market, the group of Democrat senators expressed a grave concern:
"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."
A volley of questions
The letter asked Gould if Trump had the ability to remove him at his pleasure — note that Warren has criticized Trump's threats to fire Federal Reserve Chair Jerome Powell.
Join the discussion with Scott Melker on Roundtable here.
It also asked if the OCC would approve USD1's application under Hood's leadership and if the regulator would be able to independently investigate the WLF even in the face of Trump's potential directive to drop the probe in case it found the crypto enterprise engaging in an unsafe or unsound practice.
The senators also asked Gould if he would resign and provide evidence to Congress if the Trump family pressured the OCC to benefit WLF or harm its competitors.
Elizabeth Warren turns up heat on OCC over Trump family's business ventures first appeared on TheStreet on Aug 1, 2025
This story was originally reported by TheStreet on Aug 1, 2025, where it first appeared.
