Senators Question OCC on Trump-Linked USD1 & Binance Deal

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Senators Question OCC on Trump-Linked USD1 and Binance Deal

Written by Aaron S.,

Editor-In-Chief

Last Updated: August 01, 2025

Key Takeaways

Senators urged the OCC to address possible conflicts from President Trump’s ties to stablecoin USD1;
Lawmakers warned President Trump’s crypto ventures could influence policy if he returns to office;
A $2 billion deal using USD1 to invest in Binance raised concerns over profit and past violations.

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US Senator Elizabeth Warren, joined by Senators Chris Van Hollen and Ron Wyden, has called on the Office of the Comptroller of the Currency (OCC) to address potential conflicts of interest involving President Donald Trump’s cryptocurrency activities.

In a letter to OCC head Jonathan Gould, the senators raised concerns about President Trump’s financial connections to stablecoin projects and how those ties could affect regulatory decisions.

Their letter questions how the OCC will make sure President Trump’s private business interests do not interfere with the agency’s work. The lawmakers pointed to USD1, a stablecoin issued by World Liberty Financial.

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They noted that Trump and his family have investments in multiple crypto ventures, including mining and token trading companies.

The letter argued that President Trump’s financial stake in these ventures could influence how he approaches crypto policy. It warned that his personal wealth is linked to the success of USD1 and similar projects.

They also pointed to a recent $2 billion investment deal involving UAE-based firm MGX and Binance $13.85B . According to the letter, MGX would use USD1 to buy a stake in Binance, which could lead to large profits for the Trump family.

The senators noted that Binance has a history of violating US anti-money laundering and sanctions laws.

Additionally, the lawmakers raised questions about Gould’s role as head of the OCC. They asked if he believes President Trump could remove him from the position at will and whether he would step down or alert Congress if he came under political pressure.

The senators requested a full response from the OCC by August 14.

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