OCC Chief Claims Political Pressure on World Liberty Charter Comes Solely from Democrats
OCC chief says Democrats applying sole political pressure in World Liberty charter choice
Coindesk
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During a congressional hearing, Jonathan Gould, head of the Office of the Comptroller of the Currency, stated that the only political pressure regarding World Liberty Financial's bank charter application is from Democrats, not President Trump. The hearing also focused on stablecoin regulations and the upcoming GENIUS Act proposals.
- 01Jonathan Gould rejected claims of acting on behalf of Trump, asserting that Democrats are the only source of political pressure.
- 02Democrats are scrutinizing World Liberty Financial due to its connections with foreign investors and past illicit activities.
- 03The Federal Deposit Insurance Corporation plans to introduce new rules requiring customer identification for stablecoin issuers.
- 04Representative Brad Sherman criticized the idea of using stablecoins for government payments, calling it a potential threat to the U.S. dollar.
- 05The hearing also addressed the Federal Reserve's limited approval of a master account for the crypto exchange Kraken.
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In a recent hearing by the House Financial Services Committee, Jonathan Gould, the head of the Office of the Comptroller of the Currency (OCC), defended his agency's stance on the bank charter application from World Liberty Financial, a crypto firm linked to former President Donald Trump. Gould asserted that the only political pressure he faces comes from Democrats, particularly in light of concerns over the firm's ties to foreign investors and past illicit activities. Gould's comments were made in response to Representative Gregory Meeks, who questioned whether he was serving the American public or acting as a 'Trump fixer.' The hearing also focused on stablecoin regulations, with the Federal Deposit Insurance Corporation (FDIC) announcing forthcoming rules requiring customer identification for stablecoin issuers. Meanwhile, Representative Brad Sherman voiced strong opposition to the use of stablecoins for government payments, arguing it could undermine the U.S. dollar. The discussion highlighted the ongoing regulatory challenges in the evolving crypto landscape, including the Federal Reserve's cautious approach to granting master accounts to crypto exchanges.
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The regulatory decisions regarding World Liberty Financial and stablecoins could significantly influence the future of cryptocurrency regulations in the U.S.
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