U.S. senators urge Treasury to halt Trump gold coin production

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U.S. senators urge halt to Trump gold coin

Highlights

Senators Elizabeth Warren and Ron Wyden sent a letter urging Treasury Secretary Scott Bessent to immediately halt 24-karat Trump gold coin production and conduct a public supply chain audit.
The senators cited an April 2026 New York Times investigation linking U.S. Mint gold to Peruvian and Mexican pawn shops and Colombian mines controlled by Clan del Golfo, sanctioned since 2013.
Warren and Wyden requested detailed written responses and a briefing by June 18, 2026 regarding steps to address potential illicit gold sourcing and links to organized crime in U.S. coinage.

Senators seek production stop and audit

As reported by the Senate Committee on Banking, Housing, and Urban Affairs, Senators Elizabeth Warren and Ron Wyden sent a letter to Treasury Secretary Scott Bessent and U.S. Mint Director Paul Hollis urging an immediate halt to production of the 24-karat Trump gold coin and calling for a public supply chain audit.

The lawmakers say the review is needed to confirm that gold used in the coin is not sourced illegally. In their letter, they warn that U.S. government gold purchases may have indirectly supported cartels and other foreign criminal groups, and they argue that any coin marking the nation's 250th anniversary should be free of links to exploitation and organized crime.

Warren and Wyden also request written responses and a briefing by June 18, 2026 on steps being taken to address potentially illicit sources of U.S. gold. The letter adds to their earlier oversight efforts involving Treasury and the Mint.

Supply chain concerns widen scrutiny of Mint sourcing

An April 2026 New York Times investigation, cited by the senators, traced gold labeled as American by the U.S. Mint to foreign sources including pawn shops in Peru and Mexico, as well as Colombian mines controlled by Clan del Golfo. The group has been sanctioned by the United States since 2013 and faces accusations tied to human rights abuses.

The latest intervention follows earlier inquiries from Warren and Wyden on Treasury oversight of currency and gold procurement. In April, Warren asked for information on the decision to place President Trump's signature on future U.S. paper currency, and in May the two senators sought details about the Mint's purchases of foreign gold and the risk that U.S. supply chains could be connected to criminal organizations.

Our earlier update on Federal Election Commission oversight highlighted how the agency’s early-June agenda was dominated by litigation activity in federal court alongside a review of internal controls and enterprise risk management. We noted that the inspector general’s examination, dated as of September 30, 2024, underscored a broader compliance focus even as the commission handled multiple procedural filings.

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