U.S. Senator questions the significant risks of the Trump family's stablecoin project.

WuSaidBlockchainW · 2025-03-29T01:21:02+00:00

Five Democratic senators sent a letter to The Federal Reserve (FED) and the Office of the Comptroller of the Currency expressing concerns about the Trump family's stablecoin project USD1, pointing out that it may jeopardize the safety of the financial system. They believe this poses a conflict of interest and exacerbates the risk to regulatory independence. WLFI has raised $550 million since its establishment in 2024 and has launched the USD1 stablecoin on BNB Chain and Ethereum.

WuSaidBlockchainW

2025-03-29 01:21:02

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Five Democratic senators in the U.S. sent a letter to The Federal Reserve (FED) and the OCC expressing concerns over the stablecoin USD1 launched by the Trump family’s encryption project WLFI, stating that it constitutes “an unprecedented conflict of interest” that could jeopardize the safety of the financial system. The letter pointed out that Trump has strengthened control over White House policies through executive orders, exacerbating the risk to regulatory independence. Since its establishment in September 2024, WLFI has raised $550 million and launched the USD1 stablecoin on the BNB Chain and Ethereum at the end of March. (Cointelegraph)

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