OCC’s New Chief Could Redefine Crypto-Banking Relations in the U.S.

Jonathan Gould’s appointment as Comptroller of the Currency is expected to shift the regulatory landscape for crypto in U.S. banking, raising both industry hopes and concerns over centralizing federal oversight.

Jonathan Gould Confirmed as New OCC Head

The U.S. Senate has confirmed Jonathan Gould as the new Comptroller of the Currency, a pivotal role in the country’s financial regulatory framework. Gould, a former senior executive at blockchain infrastructure firm Bitfury, secured the position following a narrow 50-45 Senate vote, marking another key appointment under President Donald Trump’s administration aimed at reshaping crypto regulation in the United States.

The Office of the Comptroller of the Currency (OCC), a bureau within the U.S. Treasury, plays a vital yet often understated role in overseeing national banks and shaping federal policy on financial innovation, including digital assets. Gould’s confirmation is expected to influence how traditional banking institutions interact with cryptocurrencies over the next five years.

Crypto-Friendly Track Record

Jonathan Gould brings a history of crypto advocacy to the OCC. During his previous tenure at the agency, Gould served as senior deputy comptroller and chief counsel, working under Acting Comptroller Brian Brooks. Brooks, known for his pro-crypto stance, championed regulatory frameworks that opened doors for digital asset firms, including granting Anchorage Digital the first federal crypto bank charter. After Brooks left to head Bitfury, Gould followed, serving as the company’s chief legal officer.

At the OCC, Gould had previously supported policies enabling U.S. banks to offer crypto custody services and backed early moves towards integrating digital assets into regulated financial infrastructure. His return could set the stage for further initiatives aimed at expanding banks’ roles in the crypto economy, particularly in areas like stablecoin management and Bitcoin ETF options trading.

Regulatory Balance and Centralization Concerns

While Gould’s appointment has been welcomed by parts of the crypto industry, it raises concerns about the centralization of authority over digital asset oversight. Critics argue that consolidating power within a single federal agency might sideline state-level initiatives and, depending on political shifts, expose the sector to abrupt regulatory reversals.

The previous administration under President Joe Biden took a markedly cautious approach to crypto, with federal regulators including the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) issuing stringent guidelines for banks engaging with digital assets. These measures, seen by industry players as restrictive, included accusations of cutting off crypto firms from essential banking services.

Gould’s confirmation could mark a reversal of that strategy, potentially positioning the OCC as a more crypto-friendly agency. However, the risk remains that if political tides turn against digital assets, the same centralized control could make it harder for crypto-friendly states and local regulators to maintain supportive environments.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice