Trump Family’s Crypto Venture Sparks Congressional Concerns
The Trump family's latest venture into the cryptocurrency sector, through the establishment of World Liberty Financial and plans to launch a new stablecoin, has raised significant concerns in Congress. Politico reports that the involvement of the Trump family in the crypto market is creating friction among lawmakers, who are questioning the potential conflicts of interest and regulatory challenges this presents.
The Wall Street Journal detailed that World Liberty Financial, backed by Donald Trump, aims to introduce a stablecoin to the market. This move has prompted a group of Senators, including Elizabeth Warren, Ron Wyden, and Chris Van Hollen, to send letters to the Federal Reserve and the Office of the Comptroller of the Currency (OCC), as reported by the Senate Banking Committee. The Senators are pressing these agencies to address the serious risks associated with Trump potentially regulating his own cryptocurrency.
Reuters adds that World Liberty Financial announced its intention to launch the stablecoin in 2025, further intensifying the debate around cryptocurrency regulation and the role of influential figures like Trump in the financial sector.
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