Donald Trump · Democrats · White House · Federal Reserve (FED) · CoinDesk
OCC chief confirms Democrats applying sole political pressure in World Liberty charter choice
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The crypto firm tied to President Donald Trump, World Liberty Financial Inc., was again a focus of political scrutiny in a congressional hearing in which the chief of the U.S. Office of the Comptroller of the Currency suggested the only political pressure his agency feels on its decision of whether or not to give the firm a bank charter comes from Democrats, not Trump.
Key facts
- Comptroller of the Currency Jonathan Gould's rebuttal had come in response to Representative Gregory Meeks, a New York Democrat, who asked during the Thursday hearing whether Gould is "working
- Amid Thursday's verbal sparring, Gould said his agency is following ethics laws in the application for a national trust-bank charter for World Liberty Trust Company
- Kyle Hauptman, chairman of the National Credit Union Administration, touted the U.S. rise of stablecoins in his testimony
- Also at the hearing, a lawmaker asked Federal Reserve Vice Chair for Supervision Michelle Bowman about the Fed master account granted to crypto exchange Kraken
Summary
The House Financial Services Committee held a hearing with banking regulators that delved into stablecoin rules and the controversial bank-charter application from World Liberty Financial, the crypto firm tied to President Donald Trump and his family. Jonathan Gould, the head of the Office of the Comptroller of the Currency, rejected assertions that he's doing Trump's bidding in the charter process and said that the only political pressure on this point is coming from Democrats. The chief of the Federal Deposit Insurance Corp. said another stablecoin proposal is coming involving customer-identification programs. The crypto firm tied to President Donald Trump, World Liberty Financial Inc., was again a focus of political scrutiny in a congressional hearing in which the chief of the U.S.