PANews reported on June 5th that, according to CoinDesk, Jonathan Gould, Comptroller of the Currency (OCC), stated during a congressional hearing in response to questioning from Democratic lawmakers that he did not act according to Trump's wishes, and that the Democrats were the only group exerting political pressure on his agency. The Democrats believe that World Liberty Financial, partly owned by the Trump family, is unsuitable for a banking license due to its connections with foreign investors and crypto partners like Binance, which have a history of misconduct.

The hearing also discussed the progress of the GENIUS Act. FDIC Chairman Travis Hill stated that rules would soon be introduced requiring stablecoin issuers to establish customer identification programs. Kyle Hauptman, Chairman of the National Credit Union Administration, said that with the increasing popularity of stablecoins, Americans no longer need to endure the embarrassment of payments taking multiple "business days" to arrive; stablecoins make every day a workday. However, California Democratic Representative Brad Sherman opposes the use of stablecoins for government payments, arguing that it would fuel a tax-avoidance economy.