Jonathan Gould, director of the Office of the Comptroller of the Currency (OCC), said virtual currency companies seeking federal banking approval should be treated no differently than other financial institutions.
Gould said at a blockchain conference on Monday that some of the new license applicants in the digital and fintech space could be seen as providing novel activities to national trust banks, but noted that “custodial and custodial services have been performed electronically for decades.”
“There is absolutely no justification for thinking about digital assets in a different light,” he added. “Furthermore, it is important that banks, including today’s National Trust Bank, not be trapped in the technology and business of the past.”
The OCC regulates national banks and previously deemed crypto companies to be a risk to the banking system. Only two crypto banks have obtained OCC licenses. They are Anchorage Digital, which has been licensed since 2021, and Erebor, which received preliminary banking license in October.
Virtual currencies should have monitoring methods
Gould said the banking system has “the ability to evolve from wire to blockchain.”
He added that the OCC has received 14 applications to form new banks so far this year, “including applications from entities engaged in new or digital asset activities,” which is roughly equal to the number of similar applications the OCC has received over the past four years.
Comptroller of the Currency Jonathan Gould speaks at the 2025 Blockchain Association Policy Summit. sauce: YouTube
“The Charter will help ensure the banking system remains responsive to financial evolution and supports the modern economy,” he added. “Therefore, companies engaged in activities involving digital assets and other new technologies need a path to becoming a federally supervised bank.”
Gould dismisses bank concerns
Gould noted that banks and financial industry groups have expressed concerns about the ability of crypto companies to obtain banking charters and the OCC’s ability to supervise them.
Related: Argentina considers allowing traditional banks to trade in cryptocurrencies: report
“These concerns risk reversing innovation that would better serve bank customers and support local economies,” he said. “The OCC also has years of experience overseeing crypto-native National Trust banks.”
Gould said the regulator “hears almost every day from established national banks about unique initiatives for exciting and innovative products and services.”
He added, “All of this strengthens my confidence in the OCC’s ability to effectively supervise new entrants and new activity of existing banks in a fair and equitable manner.”
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