US Senators question Trump's WLFI stablecoin regulatory risks

Odaily News Five Democratic senators wrote to the Federal Reserve and OCC, questioning the "unprecedented risks" posed by the USD1 stablecoin launched by World Free Finance (WLFI), which is supported by the Trump family. The letter pointed out that Trump weakened regulatory independence through an executive order in February and held a 60% stake in WLFI, which posed a major conflict of interest. Since its establishment in September 2024, WLFI has raised $550 million through two token sales and launched USD1 on BNB Chain and Ethereum on March 24. The move coincided with Congress's deliberations on the GENIUS Act, which could give the OCC and the Federal Reserve regulatory powers, raising concerns about the stability of the financial system. (Cointelegraph)