Tough Questions for the OCC: Can Trump Influence Stablecoin Legislation?

On Thursday, Senator Warren, alongside Senators Chris Van Hollen and Ron Wyden, sent a formal letter to Jonathan Gould, the head of the Office of the Comptroller of the Currency (OCC). In their message, the senators expressed concern that the Trump family may be using crypto ventures to “line their own pockets.”

The Trump Family Enters the Stablecoin Arena

Over the past year, the Trump family has become increasingly involved in various crypto-related businesses, ranging from mining companies to token trading platforms. A standout example is the launch of the USD1 stablecoin in March 2024, issued through a platform called World Liberty Financial, which is directly connected to the Trump family.

This direct link raised red flags among lawmakers. The senators stressed that the success of USD1 is “deeply intertwined” with the Trump family’s financial well-being. They warned that the former president could leverage his political influence to shape the nation’s crypto policy to his own financial benefit.

“Launching a stablecoin tied to a sitting President who stands to profit from it financially presents an unprecedented conflict of interest and a serious threat to the integrity of our financial system.”

USD1 and a $2 Billion Investment: A Model for Corruption?

The letter also referenced a controversial $2 billion deal involving MGX, a firm based in the United Arab Emirates. According to the senators, MGX invested in the Binance exchange using USD1. They described the arrangement as a “staggering model for corruption,” claiming that it could yield the Trump family hundreds of millions of dollars in profit.

The senators pointed out that MGX is a foreign government-backed entity, and that Binance has pleaded guilty to violating U.S. laws related to anti-money laundering and economic sanctions. They also noted that the underlying code for USD1 was reportedly developed with assistance from Binance, further complicating the ethical landscape.

Key Demands for the OCC

In their letter, the senators posed several direct questions to Gould:

• Does Trump have the authority to remove you at will?

• If political pressure is applied, would you resign and present your reasons to Congress?

• Will the OCC investigate the competitors of World Liberty Financial?

The senators requested detailed responses by August 14.

USD1 Surpasses PayPal and Ripple Stablecoins

Despite the controversy, USD1 has gained significant traction in the stablecoin market. According to CoinGecko, its current market capitalization stands at $2.17 billion, placing it as the seventh-largest stablecoin globally. This puts it ahead of stablecoins issued by companies like PayPal and Ripple, a remarkable milestone for a coin with such recent origins.

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During the same period, continuing claims showed a notable increase. For the week ending June 14, claims rose to 1.974 million, the highest level since November 2021. Expectations were around 1.950 million.

Economic Contraction Exceeds Expectations

The U.S. economy shrank by 0.5% on an annualized basis in the first quarter of 2024. Economists had forecasted a 0.2% decline. This marks a sharp pullback compared to the 2.4% growth recorded in the last quarter of 2023.

Layoffs on the Rise, Hiring Remains Weak

Although initial jobless claims have decreased in the short term, broader data indicates an increase in layoffs. With the start of summer holidays and technical factors, non-teaching staff in some states are eligible to file for unemployment, contributing to the rise.

Economists also highlight that growing uncertainties and President Donald Trump’s import tariffs have made it difficult for companies to plan ahead, leading many firms to take a cautious approach toward hiring.

Could the Federal Reserve Cut Rates This Fall?

The Federal Reserve held interest rates steady last week, keeping the benchmark rate in the 4.25%–4.50% range. Fed Chair Jerome Powell noted that they are waiting to see more clarity on external inflation pressures before considering any rate cuts. The likelihood of a rate cut this fall appears to be increasing.

Unemployment Rate May Rise

The rise in continuing claims suggests that the unemployment rate could climb from 4.2% in May to 4.3% in June. A recent Conference Board survey showed the share of consumers who believe jobs are “plentiful” dropped to its lowest level in over four years.

Lou Crandall, Chief Economist at Wrightson ICAP, commented, “The rising volume of layoffs is likely to translate into an increase of at least one-tenth of a percent in the national jobless rate in the June employment report.”

U.S. Stock Markets Close Higher

Additionally,  U.S. stock markets in positive territory. The Dow Jones rose by 0.24%, the S&P 500 by 0.38%, and the Nasdaq by 0.45%. This uptick was supported by easing tensions in the Middle East and Powell’s dovish tone on potential interest rate cuts, which sparked short-term optimism in the markets.

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Court Decisions

On May 29, 2025, the US Court of International Trade annulled four separate presidential decrees by Trump, including customs duties on Canada, China, Mexico and other countries. The court stated that the International Emergency Economic Powers Act (IEEPA) did not give the president the authority to regulate such extensive foreign trade transactions. It was also emphasized that the authority to determine customs duties belongs to Congress.

The Trump administration quickly appealed this decision. The Federal Circuit Court of Appeals temporarily suspended the lower court’s decision and ruled that the duties in question would remain in effect. This situation deepened the uncertainty regarding the future of US trade policy.

This article will also catch your attention: Why is the Crypto Market Falling? May 31 Overview

Trump’s Statements

In a post on his Truth Social account, Trump described the International Trade Court’s decision as “incredible” and stated that the appeals court had stopped the decision. He also criticized the judges who made the decision to block the tariffs in the court and claimed that trillions of dollars were flowing from other countries to the US thanks to the tariffs he imposed.

Trade Talks with China

US Treasury Secretary Scott Bessent stated that US-China trade talks were a bit stuck and that the leaders of the two countries should meet directly. The tariff negotiations were strained when the US announced additional customs duties on many trading partners, including China, on April 2. As a result of the showdown that started with China’s retaliation, the US increased the customs tariffs it applied to Chinese goods to 145 percent, while China increased the taxes it applied to US products to 125 percent.

Trump and Fed Chair Powell Meeting

In addition to these developments, US President Trump and US Federal Reserve (Fed) Chair Jerome Powell met to discuss economic developments such as growth, employment and inflation. The Fed said in a statement that the meeting was held at Trump’s invitation to Powell. White House Spokesperson Karoline Leavitt said that Trump believes the Fed Chair made a mistake by not lowering interest rates, which puts the US at an economic disadvantage against China and other countries.

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U.S. Stocks Suffered Their Worst Drop Since 2020

On Thursday, the Dow Jones Industrial Average dropped by 1,679 points (4%), while the tech-heavy Nasdaq lost 6% and the S&P 500 fell by 4.8%. Significant drops in the stocks of major companies like Nvidia, Apple, and Amazon deepened the losses in Nasdaq.

The dollar also faced intense selling pressure, with the WSJ Dollar Index falling by 1.3%, hitting its lowest level since October. This decline raised concerns about the U.S. economy’s growth outlook.

Trade Wars and Recession Fears

After the announcement of new tariffs, JPMorgan raised the likelihood of the U.S. entering a recession to 60%. Europe and Canada quickly started retaliatory plans. French President Emmanuel Macron stated that the EU might take action against U.S. tech companies, while Canadian Prime Minister Mark Carney announced a 25% tariff on U.S. automobiles in response to Trump’s car tariffs.

Markets Continue Volatile Trend

Despite the market turmoil, Trump argued that the tariffs would benefit the U.S. economy in the long term. “The markets are going to boom,” Trump said, adding that he could impose new tariffs on sectors such as pharmaceuticals and semiconductors.

During this period, oil prices fell by over 6%, while gold investors sold off after its recent rise. Investors warn that volatility in the stock market may persist, and the impact of trade wars could be felt more strongly in the coming months.

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Trump’s Digital Asset Strategy: The Future of Bitcoin and the Crypto Market

This historic development comes immediately after Trump’s executive order to establish the U.S. Strategic Bitcoin Reserve. This decision recognizes BTC as a valuable asset in the country’s financial framework and is an indication of growing interest in Bitcoin.

Trump has taken significant steps to increase interest in Bitcoin and other digital assets. This move aims to incorporate Bitcoin as a commodity as valuable as gold in the country’s reserves. The strategy seeks to strengthen the long-term resilience of the U.S. financial sector.

What Will Trump Discuss at the Digital Asset Summit?

In his speech, Trump will share his thoughts on the future of Bitcoin and the broader crypto market. With his pro-crypto stance, he plans to outline the next steps in U.S. Bitcoin strategy. Ripple CEO Brad Garlinghouse recently hinted that XRP could join the U.S. Digital Asset Stockpile, referring to Trump’s comments on Truth Social.

Trump’s Bitcoin acquisition plan, as confirmed by Bo Hines, takes a neutral approach to expenditure. Some lawmakers are planning to acquire 1 million BTC over the next five years. Meanwhile, stablecoin regulations are expected to be passed soon.

The summit will also feature key industry leaders like Michael Saylor and James Seyffart from Bloomberg, making it a must-attend event for anyone interested in the future of crypto in the U.S..

Trump’s speech at DAS marks a pivotal moment in the U.S. approach to digital assets and will influence Bitcoin’s global perception.

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Treasury Secretary Scott Bessent: The US Should Bring Bitcoin Onshore

US Treasury Secretary Scott Bessent has called for bringing Bitcoin within the country’s borders and mentioned he would discuss ways to acquire more BTC at the White House Crypto Summit on March 7.

In an interview with CNBC, Bessent criticized the US government’s previous Bitcoin sales. He stated:

“I’m a big proponent of the US taking the lead in crypto. We need to bring it onshore and apply our best practices and regulations. For the Bitcoin Reserve — before you start accumulating — you need to stop selling it.”

Bessent further explained that after compensating victims of financial misconduct or settled court cases from the US government’s seized Bitcoin stockpile, the remaining Bitcoins would go into the strategic reserve.

On March 6, President Donald Trump signed an executive order establishing both a strategic Bitcoin reserve and a separate digital asset stockpile. Trump will host industry leaders at the White House on March 7 to discuss future crypto policies.

US Bitcoin Strategic Reserve Intensifies Global Competition

While smaller countries like El Salvador already have strategic Bitcoin reserves, the influence of the US, with the world’s strongest capital markets, is likely to push other nations into the race.

According to asset manager Anthony Pompliano, the global race for Bitcoin began in 2024, arguing that the US should take the lead to stay ahead of other countries.

David Bailey, CEO of Bitcoin Magazine, speculated that China has quietly been working on a Bitcoin reserve for months, following Trump’s re-election.

Trump’s executive order on the strategic reserve further legitimizes Bitcoin for institutional investors and solidifies the asset class as a major financial vehicle.

Bitcoin is considered digital gold and offers classic store-of-value properties. However, due to the novelty of cryptocurrencies, many investors view BTC as a risky asset.

This characterization has led Bitcoin’s price to crash during macroeconomic shocks like trade wars, high inflation data, and unfavorable interest rate decisions.

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Ripple’s Fourth Quarter Performance: A 280% Increase in XRP

In its Q4 2024 report, Ripple announced a remarkable 280% increase in XRP following the long-standing regulatory hurdles imposed by the U.S. Securities and Exchange Commission (SEC).

The company highlights that this recovery marks a significant milestone for the crypto market. The rise of XRP coincided with the U.S. administration’s statements pushing for clearer and fairer regulations for crypto businesses.

President Donald Trump’s remarks on regulatory clarity and banking access helped boost strong institutional and retail demand for XRP.

SEC Regulations and Factors Hindering XRP’s Growth

Ripple’s report recalls that prior to the SEC’s regulatory actions, XRP was the second most valuable cryptocurrency in the market. However, the SEC‘s legal interventions and market manipulation severely hindered XRP’s growth. As a result, trader confidence faltered and XRP’s expansion stalled. With regulatory hurdles easing and the Trump administration focusing on clearer regulations, XRP regained strong momentum and started growing once again.

Institutional Interest and Surge in Spot Trading Volumes

XRP’s strong rally in Q4 was supported by record trading volumes on major exchanges. Binance captured 36% of XRP’s spot trading volume, followed by Upbit Korea with 20% and Coinbase with 9%. XRP’s daily spot trading volume surged from $500 million to $5 billion, showing a significant increase. Notably, the large increase in Coinbase’s trading volume reflects growing confidence among U.S. investors in XRP. Additionally, institutional interest in XRP investment products has risen, paving the way for applications for an XRP ETF.

Ripple considers Q4 as a critical turning point for the cryptocurrency sector. With regulatory clarity and increasing institutional demand, XRP seems poised for more growth opportunities in the world of digital assets.

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Trump Administration and Bitcoin’s Rise: Expectations of New Regulations

Bitcoin lost value in the first week of 2025 due to strong employment data in the U.S. and ongoing inflation concerns. These developments negatively impacted investor sentiment, pushing aside the optimism from the post-election period that had fueled Bitcoin’s previous rise.

With the return of elected President Donald Trump to office, expectations for clearer regulations and strategic policies regarding cryptocurrencies had increased.

Volatility in the Cryptocurrency Market: Bitcoin’s Future and Long-Term Outlook

David Foley, co-founder of the Bitcoin Opportunity Fund, stated in an interview with CNBC’s Crypto World program that Bitcoin’s recent rise was tied to Trump’s pro-crypto policies, but economic data shifted the market’s focus.

Foley: “Bitcoin had a significant surge driven by expectations of Trump’s pro-crypto stance. However, with inflation and strong employment data, the market seems to have taken a step back.”

Bitcoin’s correlation with traditional stock markets, especially Nasdaq, remains an important factor. Foley noted that while the stock markets are struggling, Bitcoin has shown resilience, serving as a “safe haven” asset, much like gold. “Bitcoin is evolving and could become a risk-off asset in the medium term,” he added.

Additionally, Foley highlighted MicroStrategy’s role in influencing the market, as the company continues to affect the market by using various capital market products to acquire Bitcoin.

As the market adjusts to changing economic data and new administration policies, price fluctuations in Bitcoin are expected. However, Foley remains optimistic about the long-term growth potential of the cryptocurrency market. “The markets may be in a stagnation phase, but Bitcoin’s upward trajectory will continue,” he stated.

Bitcoin’s Decline and Future Expectations

In conclusion, the recent decline in Bitcoin’s value is due to not only economic factors but also policy changes and global market uncertainties.

While Trump’s pro-crypto policies and potential regulations make Bitcoin’s future look promising, macroeconomic data like inflation concerns and strong employment reports are putting pressure on the market in the short term. However, Bitcoin’s relationship with traditional financial instruments and stock markets may help it gain more acceptance as a “safe haven” asset in the medium term.

In the long run, Bitcoin and the cryptocurrency market’s growth trends are likely to continue presenting opportunities for investors.

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ETF Store President Nate Geraci told The Block:

“Under the new administration, everything is on the table moving forward.”

Department of Government Efficiency, Elon Musk: DOGE

President Donald Trump, aiming to make America the “bitcoin capital of the world,” positioned himself as a crypto-friendly leader. He even established the meme-friendly Department of Government Efficiency, to be led by Dogecoin fan Elon Musk.

Nate Geraci, speaking to The Block, noted, “We hope the new administration will quickly determine which crypto assets are securities and which are not.” He added, “Once that framework is in place, the approval process for additional spot crypto ETFs should become much clearer.”

Asset management firms are moving quickly to launch new ETFs. Last week, Cboe BZX filed four applications for spot Solana funds, and some experts predict a Solana ETF will be on the market by the end of 2025.

“I am quite confident that a Solana ETF will begin trading in the first half of 2025,” said Louis Sykes, a crypto analyst at All-Star Charts, adding, “DOGE [is much less likely… let’s say Wall Street doesn’t favor assets born as jokes].”

Though DOGE started as a joke, it is now the sixth-largest cryptocurrency. According to The Block’s DOGE data, as of the latest update, Dogecoin is trading around $0.40 with a market capitalization of $59 billion.

DOGE: Today’s satire is tomorrow’s ETF

“Today’s satire is tomorrow’s ETF,” said Eric Balchunas, senior ETF analyst at Bloomberg, speaking to The Block. “You might ask yourself, ‘Is DOGE going too far?’ and I’d say, ‘We’ll see.’ I think someone will try it—why not?”

Alexander Blume, CEO of Two Prime Digital Assets, told The Block that DOGE ETF applications will “definitely” be made.

“With the tremendous success of BTC ETFs, entrepreneurial financial firms will aim to create any product that could succeed,” Blume said. “However, whether it will be approved or not is a separate issue.”

Blume noted that Dogecoin might struggle to prove it’s a fair market due to the concentration of its holdings, stating, “However, I think the new SEC administration will generally be more permissive, so the approval process might be shorter than we expect.”

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), continues to be an obstacle for much of the crypto industry and is set to step down on January 20, 2025. Meanwhile, former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo has emerged as a real candidate for the first “Crypto Palace” that President-elect Trump has envisioned for the U.S.

In a statement to The Block earlier this week, Giancarlo said, “Gary Gensler’s refusal to engage with crypto keeps him at a less mature stage of development.” He added, “The end of this pressure will move him into a more mature and constructive phase of development.”

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