Democratic senators express concerns over Trump-backed stablecoin WLFI, warning of financial system risks

From Cointelegraph
March 28, 2025 6:10:00 pm:

Five Democratic senators in the US Senate have raised concerns about potential conflicts of interest from a stablecoin launched by World Liberty Financial, backed by President Trump’s family. They sent a letter to regulatory agencies asking how they will regulate WLFI and its stablecoin, USD1.

The letter comes as Congress considers the GENIUS Act to regulate stablecoins, giving the OCC and Federal Reserve oversight. President Trump’s executive order also aims for agencies to coordinate with the White House. The senators warn of unprecedented risks to the financial system with a stablecoin tied to a sitting president.

World Liberty Financial, controlled by Trump and family, launched in September 2024, with two token sales netting $550 million. The project recently confirmed the launch of its first stablecoin on the BNB Chain and Ethereum. President Trump’s son, Donald Trump Jr., promoted USD1 at the DC Blockchain Summit.

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