A congressional hearing turned heated as the head of the Office of the Comptroller of the Currency firmly dismissed accusations of political interference regarding a bank charter application from World Liberty Financial Inc., a cryptocurrency firm linked to former President Donald Trump. During the session before the House Financial Services Committee, Comptroller Jonathan Gould faced pointed questions from Democratic lawmakers who suggested that the OCC was bending rules to favor Trump-affiliated entities.
Representative Gregory Meeks of New York directly asked Gould whether he was serving the public or acting as a fixer for Trump. Gould responded by stating that the only political pressure he had encountered came from Democratic members of Congress, not from the White House or any other source. He emphasized that the OCC would evaluate World Liberty’s application strictly according to existing charter laws and ethical guidelines.
The exchange underscored growing tensions over World Liberty’s bid to operate as a national trust bank. Critics have raised concerns about the company’s ties to the Trump family, its foreign investors, and partnerships with crypto exchanges like Binance. Senator Elizabeth Warren and other Democrats had previously urged regulators to scrutinize the application, a move Gould described as unfortunate and unprecedented.
Beyond the charter debate, the hearing also delved into stablecoin regulation under the GENIUS Act. Federal Deposit Insurance Corp. Chairman Travis Hill announced that agencies would soon propose rules requiring stablecoin issuers to implement customer identification programs. Kyle Hauptman of the National Credit Union Administration suggested that stablecoins could enable faster government payments, such as tax refunds disbursed on weekends, a prospect that Representative Brad Sherman strongly opposed. Sherman called the idea the worst possible proposal, arguing it would legitimize a competitor to the U.S. dollar and warned against potential loopholes in interest payment restrictions.
Federal Reserve Vice Chair Michelle Bowman also addressed questions about Kraken’s limited master account access, stating that the arrangement is temporary and closely monitored while formal rules are developed. The hearing highlighted the complex regulatory landscape facing crypto firms as policymakers debate how to integrate digital assets into the traditional financial system.