Jonathan Gould, head of the U.S. Office of the Comptroller of the Currency (OCC), told the House Financial Services Committee on Wednesday that the only political pressure his agency is facing regarding the bank charter application of Trump-linked crypto firm World Liberty Financial comes from Democratic lawmakers. Gould firmly rejected assertions that he was operating under President Trump’s influence, insisting the review is conducted independently “strictly in accordance with the law.”
His testimony came as the committee also examined regulators’ progress on stablecoin oversight under the GENIUS Act. National Credit Union Administration (NCUA) Chairman Kyle Hauptman pitched the idea of the federal government distributing payments via stablecoins, noting they could speed up tax refunds and emergency stimulus by settling around the clock. But Rep. Brad Sherman (D-CA) shot back, declaring that allowing such payments “would sanctify an alternative to the U.S. dollar, an alternative designed to facilitate a tax-evasion economy.”
The hearing exposed deep partisan divides on crypto regulation. While Republicans push for clearer, more accommodating rules, Democrats raise alarms about consumer protection, financial stability, and conflicts of interest—especially with World Liberty Financial’s connection to President Trump’s family. Gould called Democratic lawmakers’ pressure “unfortunate and without precedent,” and the clash underscored the OCC’s delicate position in integrating crypto firms into traditional banking.
Separately, regulators updated the committee on stablecoin oversight. FDIC Chairman Travis Hill said his agency and others will soon propose customer identification requirements for stablecoin issuers. Meanwhile, crypto’s access to banking infrastructure is expanding: Falcon Finance launched its fUSD stablecoin with federally chartered Anchorage Digital, and the Federal Reserve granted Kraken a limited master account. These moves come as World Liberty Financial claims it is “in the final stages” of receiving conditional approval, while Senator Elizabeth Warren has labeled banking charters for crypto firms “illegal.”
The developments signal a pivotal moment for the independence of financial regulators and the future of stablecoin policy in the United States.
