The Senate requests a temporary halt on stablecoin project license approvals, with conflicts of interest becoming the focus

【Blockchain Rhythm】The US Senate has sparked a new wave of controversy over cryptocurrency market regulation. The Democratic leader of the Senate Banking Committee recently raised objections to the Office of the Comptroller of the Currency, requesting a delay in the approval process for a certain trust company’s US banking license. The digital asset-related enterprise behind this company is applying for a charter license, which, if approved, will grant the authority to directly issue USD1 stablecoins.

The opposition mainly focuses on one issue: the potential conflict of interest involving the family assets of the applicant’s senior management. The Senate’s letter was strongly worded, describing this as an “unprecedented scale of financial conflict of interest.” They believe that Congress has not addressed this issue during the promotion of the GENIUS Act, and therefore, the Senate must take proactive responsibility when drafting structural legislation for the crypto market.

In terms of timing, this opposition comes quite promptly. A related bill is scheduled for a hearing this week, and just before the committee votes, Democratic senators are pushing to include government ethics clauses. This means that disputes over conflicts of interest could continue to ferment during the legislative process, directly impacting the regulatory framework and approval progress for stablecoins. From a trading market perspective, such policy battles often cause short-term fluctuations in the sentiment of the digital asset sector.