Written by Turner Wrightstaff writerReviewed by Robert Lakinstaff editor
Written by Turner Wrightstaff writer
Reviewed by Robert Lakinstaff editor
Comptroller says only Democrats pressuring over crypto trust charter
Latest NewsPublishedJun 4, 2026
Crypto Regulation Under Scrutiny
The US Comptroller of the Currency, Jonathan Gould, faced intense questioning from New York Representative Gregory Meeks over the potential influence of Donald Trump on crypto regulation. The debate centered around a national trust charter application from World Liberty Financial, a company with ties to the Trump family. Meeks pressed Gould to ensure that World Liberty would be held to the same standards as other companies, amidst concerns over conflicts of interest.
Gould maintained that he had not received any orders from Trump to approve the application, and that the only pressure he felt was from Democratic lawmakers. The Comptroller emphasized the importance of an apolitical and nonpartisan approach to considering crypto company applications. However, the issue has sparked controversy, with some arguing that the OCC has already approved applications from “seemingly ineligible companies,” potentially violating federal banking laws.
Crypto Companies and Regulatory Approval
Several crypto companies, including Coinbase, Ripple, and Circle, have already received approval or conditional approval for national trust charter applications. This allows them to provide certain services without being subject to the same regulatory requirements as traditional banks. The approval process has raised questions about the role of regulatory bodies in overseeing the crypto industry, and the potential for political influence.
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Meeks and Gould talked over each other at the hearing, with the New York lawmaker accusing the OCC head of being “Trump’s fixer,” signaling his belief that World Liberty’s application would be approved.
“Your attempts to continue to pressure me are the only political pressure I’ve felt from anyone other than your Senate colleagues,” said Gould. “That is very unfortunate and unprecedented.”
Gould’s remarks came after the OCC had already approved or conditionally agreed to several national trust charter applications from crypto companies, including Coinbase, Ripple, BitGo, Circle, Fidelity Digital Assets and Paxos. The comptroller took office in July 2025 having been confirmed by the Republican majority Senate along party lines.
Related: US senator calls for anti-corruption provisions in crypto bills
The OCC head said in January in the days after World Liberty’s application was submitted that the agency would be “apolitical and nonpartisan” in its consideration. However, Massachusetts Senator Elizabeth Warren, who also asked Gould to pause reviewing World Liberty’s application, said that the approvals were for “seemingly ineligible companies,” violating federal banking laws.
Four of World Liberty’s co-founders, including two of Donald Trump’s sons. Source: World Liberty Financial
Approval for a national trust bank charter allows crypto companies to provide certain services without being subject to the same regulatory requirements as traditional banks. In addition to World Liberty, crypto exchange Kraken’s parent company, Payward, filed an application with the OCC in May.
CLARITY Act consolidation expected in Senate
A comprehensive digital asset market structure bill, called the CLARITY Act, is expected to head for a vote in the full Senate soon after advancement in two crucial committees this year. On Wednesday, Treasury Secretary Scott Bessent said that the Trump administration was aiming for passage sometime this summer, with some senators expecting a vote before August.
Magazine: Bitcoin miners are pivoting to AI, so why is the hashrate near ATHs?
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- Banks
- Corruption
- Donald Trump
- Congress
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- Regulation
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