Wall Street Journal: Democrats Fear Trump’s Crypto Entity Will Pose Regulatory Conflict
Sen. Elizabeth Warren and four other Democrats warned U.S. financial regulators they might soon confront “an extraordinary conflict of interest”: overseeing a cryptocurrency entity controlled by the sitting U.S. president and his family.
In a letter sent early Friday to the Federal Reserve’s vice chair of bank supervision, Michelle Bowman, and the acting comptroller of the currency, Rodney Hood, the senators pressed for answers on how they intend to regulate World Liberty Financial, the Trump family’s crypto project, and the stablecoin the company said this week it plans to launch.
Legislation advancing in Congress would create a regulatory framework for stablecoins, which function as digital dollars used widely to store cash or pay for purchases of other crypto assets. It would task the Fed and the Office of the Comptroller of the Currency with oversight responsibilities and specify rules on reserves and customer protections.
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By: Vicky Ge Huang
Source: Wall Street Journal
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