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- Senator Elizabeth Warren has slammed World Liberty Financial’s stablecoin plans as a “grift” and a scheme to “enrich” Donald Trump
- The stablecoin, USD1, will launch this year and will be backed by U.S. dollar assets
- The clash underscores growing concern over conflicts of interest between political power and private crypto initiatives
Even a stopped clock is right once a day. Notoriously anti-crypto Senator Elizabeth Warren has criticized President Donald Trump’s involvement in launching a dollar-pegged stablecoin through his venture, World Liberty Financial. Senator Warren accused Trump of using the proposed stablecoin to personally profit from public office, although by now, this is like complaining that the sea is wet. In a scathing tweet, Warren described the project as “blatantly illegal and dangerous beyond belief,” calling it a “grift to enrich himself.” World Liberty Financial revealed its stablecoin plans earlier this week with plans to launch this year.
A Stablecoin From the Stable Genius
World Liberty Financial, founded by President Trump, his sons, and real estate developer Steve Witkoff, announced plans to launch a stablecoin on Tuesday, targeting cross-border transactions by institutional and sovereign investors. The company says the stablecoin will be fully backed by a reserve of government securities and cash equivalents, and that it will be regularly audited by a third party.
The venture pitches USD1 as a “safe and reliable digital dollar,” but so far has not disclosed specific details on the auditing firm or a launch timeline, the former of which is crucial in cementing the backing behind the coin.
USD1 s “Blatantly Illegal,” Says Warren
Senator Warren didn’t mince words in her public response, taking to X to lambast the president’s role:
This is Donald Trump’s latest grift to enrich himself.
Congress should step up and fix the current stablecoin bill moving through the Senate that will make it easier for Trump – and Elon Musk – to take control of your money.https://t.co/IPaTFRmnWK
— Elizabeth Warren (@SenWarren) March 25, 2025
Warren, a long-time critic of crypto, has argued that digital assets enable money laundering, fraud, and regulatory evasion, but her latest comments suggest deeper alarm about a sitting president creating and potentially profiting from a dollar-pegged cryptocurrency while also overseeing federal agencies tasked with crypto regulation.
The announcement has reignited calls for tighter crypto regulation and raised ethical questions about Trump’s dual role as both a political leader and business owner. Critics argue that allowing a president to launch a stablecoin risks undermining trust in U.S. monetary institutions and creates an obvious conflict of interest.
Warren and other lawmakers may now push for urgent scrutiny of the venture—potentially adding momentum to stalled legislation aimed at regulating stablecoins and separating political power from personal financial gain.
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Mark Hunter