Comptroller of the Currency Jonathan Gould testified before the House Financial Services Committee, rejecting claims that political pressure from President Trump influences the OCC's decision on World Liberty Financial's bank charter application. Gould stated that the only political pressure he has felt comes from Democrats like Representative Gregory Meeks and Senator Elizabeth Warren, calling their attempts "unprecedented." The hearing also discussed the GENIUS Act stablecoin framework. FDIC Chairman Travis Hill announced upcoming rules requiring customer identification programs for stablecoin issuers, while NCUA Chairman Kyle Hauptman praised stablecoins for enabling faster payments, including tax refunds and stimulus funds. Representative Brad Sherman criticized stablecoin payments, warning they could facilitate tax evasion. Additionally, Fed Vice Chair Michelle Bowman confirmed that crypto exchange Kraken received a limited 12-month master account for narrow access to the payments system, which will inform future formal rules.

Key facts

• OCC chief Gould denies Trump pressure on World Liberty bank charter decision.
• Gould says only political pressure comes from Democrats, calling it unprecedented.
• FDIC to propose customer identification rules for stablecoin issuers soon.
• NCUA chair praises stablecoins for enabling faster, 24/7 payments.
• Fed grants Kraken limited master account for 12 months to study payments access.