The U.S. Office of the Comptroller of the Currency (OCC) chief, Jonathan Gould, testified Thursday that the only political pressure his agency feels regarding a bank charter for President Donald Trump’s crypto firm, World Liberty Financial, comes from Democrats, not the White House.
Responding to Representative Gregory Meeks, who asked if he works "for the American people or as a Trump fixer," Gould shot back: "Your attempts to continue to pressure me are the only political pressure I've felt from anyone other than your Senate colleagues." He called the treatment "unfortunate and unprecedented."
Democrats argue World Liberty-tied to foreign investors and crypto partners previously linked to illicit activity including Binance-is unfit for a U.S. banking charter. Gould insisted his agency follows ethics laws in reviewing the application for a national trust-bank charter.
The hearing also focused on stablecoin regulation under the GENIUS Act. NCUA Chairman Kyle Hauptman touted stablecoins for enabling instant settlement. Representative Brad Sherman called the idea of government payments in stablecoins "a worse idea" that would "sanctify an alternative to the U.S. dollar designed to facilitate a tax-evasion economy."
Separately, Fed Vice Chair Michelle Bowman confirmed Kraken received a limited, 12-month Fed master account for narrow payments system access, as the central bank works on formal rules for "skinny" master accounts.