- OCC head Jonathan Gould denied receiving presidential orders to fast-track a national trust charter for World Liberty Financial, a crypto company co-founded by Donald Trump.
- Democratic lawmakers, including Rep. Gregory Meeks and Sen. Elizabeth Warren, have raised concerns about conflicts of interest and alleged violations of federal banking laws.
- The OCC has already approved or conditionally approved national trust charters for several other major crypto firms, including Coinbase and Ripple.
- The comprehensive digital asset market structure bill, the CLARITY Act, is expected to head for a vote in the Senate this summer.
In a tense congressional hearing on Thursday, the Comptroller of the Currency, Jonathan Gould, insisted no political orders influenced his office’s review of a national trust charter application from World Liberty Financial. This came after Representative Gregory Meeks questioned the agency’s impartiality regarding the Trump family-linked crypto firm. Meeks accused Gould of being “Trump’s fixer,” arguing the application deserved no special consideration.
However, Gould retorted that political pressure came only from Congress, calling the questioning “very unfortunate and unprecedented.” Consequently, this clash highlights deep partisan divisions over crypto regulation and political influence. The OCC, under Gould, has already approved or conditionally agreed to charters for firms like Coinbase, Ripple, and Fidelity Digital Assets.
Meanwhile, Massachusetts Senator Elizabeth Warren contends these approvals violate federal banking laws by aiding “seemingly ineligible companies.” The charter allows crypto firms to offer certain services without traditional banking regulations. Separately, Treasury Secretary Scott Bessent said the Trump administration aims for the CLARITY Act to pass this summer.
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