TechFlow News, June 5: According to CoinDesk, the U.S. House Committee on Financial Services held a hearing on stablecoin regulation and World Liberty Financial’s (WLFI) application for a banking charter. Jonathan Gould, Comptroller of the Currency (OCC), denied endorsing Donald Trump and stated that the only political pressure his agency faces comes from Democratic lawmakers—not from Trump. Meanwhile, Democrats questioned the compliance of WLFI’s banking charter application, citing its ties to foreign investors and allegedly non-compliant entities—including Binance.
In addition, FDIC Chair Travis Hill said the agency will soon propose new rules requiring stablecoin issuers to implement customer identification programs. Federal Reserve Vice Chair for Supervision Michelle Bowman clarified that Kraken’s recent approval for a Federal Reserve master account carries limited authority, with an initial term of 12 months during which the Fed will closely monitor operations and gather experience to inform formal rulemaking.
