Anonymous 39
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Summary: The commenter supports the proposed action but urges the OCC to go further by requiring full public disclosure of stablecoin issuer ownership, especially regarding foreign and politically connected interests. They also advocate for public reporting whenever customer funds are frozen and for heightened scrutiny of issuers with potential conflicts of interest.
I urge the OCC to require full public disclosure of the individuals and entities that own, control, and profit from any stablecoin issuer seeking an uninsured national trust bank charter, including foreign investors and who receives interest earned on reserve assets. The reported UAE investment demonstrates that foreign influence is a real concern. The OCC should apply heightened scrutiny to issuers connected to elected officials, senior government officials, their families, or foreign governments. It should also explain how enforcement exceptions and Treasury consultation requirements will avoid creating special protection for politically connected institutions. Finally, because stablecoin issuers can freeze customer funds, the OCC should require public reporting each time that authority is exercised. Stablecoin issuers with these conflicts should be subject to the strongest safeguards, not the weakest.