- Jonathan Gould of the Office of the Comptroller of the Currency (OCC) states crypto firms should be treated like other financial institutions when seeking federal bank charters.
- The OCC has received 14 new bank applications this year, including some from digital asset businesses.
- Only two crypto firms currently hold OCC charters: Anchorage Digital and Erebor.
- Gould emphasizes the OCC’s ability to supervise crypto banks based on prior experience and ongoing innovations from existing national banks.
The Office of the Comptroller of the Currency (OCC) expects crypto companies pursuing U.S. federal bank charters to be evaluated similarly to traditional banks, according to Jonathan Gould, the head of the OCC. He made these remarks during a blockchain conference on Monday, stating that digital or fintech applicants might bring new activities but custody and safekeeping services have been handled electronically for decades, as mentioned in his comments.
Gould highlighted that there is no valid reason to treat digital assets differently and stressed that banks should not be limited to outdated technologies. The OCC regulates national banks and has previously identified crypto firms as risks to the banking system. Currently, only two crypto-related banks hold OCC charters: Anchorage Digital, chartered since 2021, and Erebor, which received a preliminary charter last October.
This year, the OCC has reviewed 14 new bank charter applications, nearly matching the total number received over the past four years. Gould emphasized that chartering allows the banking system to evolve and maintain pace with financial innovation. He stated on record that entities dealing in digital assets should have clear options to become federally supervised banks.
Addressing concerns from traditional banks and trade groups about crypto firms receiving charters, Gould warned that such fears could hinder financial innovation. He cited the OCC’s experience supervising a crypto-native national trust bank as evidence of the agency’s readiness. Additionally, Gould noted that many existing national banks frequently discuss new and innovative offerings, which strengthens confidence in the OCC’s capability to oversee both new entrants and expanding activities fairly and thoroughly.
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