PANews reported on March 29 that according to Cointelegraph, five Democratic members of the U.S. Senate wrote to the Federal Reserve and the Office of the Comptroller of the Currency (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 since its establishment in September 2024 (a few months before the U.S. election and Trump's inauguration), many of the company's goals have been kept secret. The project's website states that Trump and some of his family members control 60% of the company's equity.
The letter comes as lawmakers consider legislation to regulate stablecoins through the Guiding and Establishing a National Innovation in Stablecoins in the United States (GENIUS Act). If signed into law, the bill would essentially allow the OCC and the Federal Reserve to oversee stablecoin regulation, including issuers like WLFI and its USD1 token.
As of March 14, World Liberty has completed two public token sales, bringing the company a total of $550 million in net revenue. On March 24, the project confirmed that it would launch its first stablecoin on BNB Chain and Ethereum. On March 26, the president's son Donald Trump Jr. also promoted USD1 at the Washington Blockchain Summit with the three co-founders of WLFI.
