Equal Treatment for Crypto Firms in Banking: OCC Chief Advocates

Equal Treatment for Crypto Firms

Jonathan Gould, head of the Office of the Comptroller of the Currency (OCC), stated that crypto companies applying for a US federal bank charter should receive the same treatment as traditional financial institutions. Speaking at a blockchain conference, Gould noted that while some fintech and digital firms present new activities, services like custody have been conducted electronically for years. "Digital assets should not be viewed differently," he emphasized, adding that banks must evolve beyond past technologies.

OCC's Regulatory Stance

The OCC, responsible for regulating national banks, has previously identified risks associated with crypto firms. Currently, only Anchorage Digital and Erebor hold OCC licenses. Gould revealed the OCC has received 14 new bank applications this year, including those engaged in digital asset activities, a number comparable to the last four years combined.

Pathway to Supervision

Gould asserted that chartering ensures the banking system keeps pace with financial evolution. "Entities involved in digital assets should have a pathway to become federally supervised banks," he said. Addressing concerns from banks and trade groups about crypto firms obtaining charters, Gould warned against hindering innovation that benefits customers and local economies.

OCC's Confidence in Supervision

Despite skepticism, Gould expressed confidence in the OCC's ability to supervise new entrants and activities, citing feedback from existing national banks about innovative products. "This reinforces our capability to manage both new and existing activities fairly," he concluded.