OCC chief refutes Democratic pressure allegations as Congress debates WLFI banking license and stablecoin regulation
ChainCatcher reports, according to CoinDesk, that the U.S. House Financial Services Committee held a hearing on stablecoin regulation and World Liberty Financial (WLFI)'s bank license application. Jonathan Gould, Comptroller of the Office of the Comptroller of the Currency (OCC), denied endorsing Trump and pointed out that the only political pressure his agency faced came from Democratic lawmakers, not Trump. The Democratic side questioned the compliance of WLFI's bank license application on the grounds of its links with foreign investors and allegedly noncompliant entities, including a certain exchange.
In addition, Travis Hill, chairman of the Federal Deposit Insurance Corporation (FDIC), stated that new rules will soon be proposed requiring stablecoin issuers to establish customer identification programs. Michael Bowman, vice chair of supervision at the Federal Reserve, explained how a certain exchange received approval for a Federal Reserve master account, emphasizing that the account's privileges are limited, the initial term is 12 months, and the process will be closely monitored to accumulate experience for formal rulemaking.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Meta (META.US) data center's first high-yield bond is oversubscribed more than four times, strong demand drives premium issuance
The first junk bond issuance by the data center division of Meta Platforms attracted demand over four times the transaction size, with its enticing yields drawing in investors.
US stock index adjustments to take effect next Monday: Bloom Energy (BE.US) and Everpure (P.US) to be included in S&P 500, changes also for mid- and small-cap stocks
Bloom Energy, Illumina, and Everpure will be included in the S&P 500 index, while several other companies will be added to the S&P 100, S&P MidCap 400, and S&P SmallCap 600 indices.
Is the Federal Reserve repeating the 2022-style rate hikes? Bank of America warns: Rates may return above 5%, suggests shorting two-year U.S. Treasuries.
Bank of America warns: With Waller at the helm, the Federal Reserve may raise interest rates above 5%, potentially repeating the events of 2022.
Crypto prices
More
