OCC Boss: No Justification for Differential Treatment of Crypto

Crypto Companies Should Be Treated Equally Under Federal Banking Laws, Says OCC

Jonathan Gould, head of the Office of the Comptroller of the Currency (OCC), emphasized that crypto firms seeking a US federal bank charter should be subject to the same regulatory standards as traditional financial institutions. Speaking at a recent blockchain conference, Gould highlighted that the activities involved in custody and safekeeping of digital assets have been electronically managed for decades, making it unjustifiable to treat digital assets differently from conventional banking services.

Key Takeaways

• Gould advocates for equal treatment of crypto companies under banking regulations.


• The OCC recognizes digital assets' longstanding electronic custody services.


• Only two crypto-focused banks—Anchorage Digital and Erebor—hold OCC charters.


• The regulator has seen increasing applications from entities involved in innovative digital asset activities.

Tickers mentioned: none

Sentiment: Neutral

Price impact: Neutral. The comments reflect a balanced stance aiming to integrate crypto into existing financial frameworks without immediate regulatory upheaval.

Trading idea (Not Financial Advice): Hold. The regulatory landscape remains dynamic as authorities seek an appropriate balance between innovation and oversight.

Market context: The growing interest from crypto firms in establishing federally regulated banks indicates mainstream acceptance, amid ongoing regulatory discussions.

Regulatory Perspective on Crypto Banking

Gould reaffirmed that the OCC considers the evolution of banking—from the telegraph to blockchain—as a natural progression. He mentioned that 14 applications to establish new banks, including those engaged in digital assets, have been received so far this year, almost matching the total received over the past four years. This surge underscores the industry's drive toward official recognition and safe regulatory pathways.

“Chartering helps ensure that the banking system keeps pace with financial innovation and supports our modern economy,” Gould stated. “Entities involved with digital assets should have a clear pathway to become federally supervised banks.”

Addressing Industry Concerns

Despite some banking and trade group concerns over OCC oversight of crypto-focused banks, Gould dismissed fears that increased regulation might hinder innovation. He highlighted that the OCC has years of supervisory experience with crypto-native national trust banks, including Anchorage Digital, which has held a charter since 2021, and Erebor, which received a preliminary banking charter in October.

Gould emphasized that ongoing discussions and daily interactions with existing banks demonstrate the OCC’s openness to innovative banking initiatives. “This ongoing dialogue reinforces our confidence in the OCC’s ability to oversee both new entrants and expanded activities within the banking sector fairly and effectively,” he concluded.

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