Regulatory scrutiny intensifies around a major stablecoin initiative valued at $3.4 billion seeking bank charter approval. A prominent U.S. Senator has called for the banking regulator to suspend its review process, raising concerns about potential conflicts of interest that could compromise fair assessment. The Senator argues that family-related business ties create material risks requiring resolution before regulatory proceedings advance further. This situation underscores ongoing tensions between traditional financial oversight and emerging digital currency infrastructure. The stablecoin sector continues attracting regulatory attention as projects pursue formal banking legitimacy. Questions around governance transparency and regulatory independence remain central to how authorities evaluate new financial infrastructure proposals in the crypto space.