OCC Head Advocates for Fair Treatment of Crypto Firms in Bank Chartering

Jonathan Gould, the head of the US Office of the Comptroller of the Currency (OCC), has voiced his support for digital asset firms seeking national trust bank charters. He argues that these firms should be treated the same as traditional financial institutions. Gould also reassured that the OCC is equipped to supervise these emerging players in the banking landscape.

Key Takeaways

The OCC’s leader advocates equal treatment for crypto firms in the national bank chartering process.
Limiting the role of digital assets could hinder the growth of the federal banking system.
The OCC is capable of supervising both new entrants and existing banks' new activities effectively.
Major crypto firms, including Coinbase, Circle, and Ripple, are applying for national trust charters to enhance their services.

OCC Charter

OCC’s Commitment to Fair Bank Chartering for Crypto Firms

Jonathan Gould, who heads the US Office of the Comptroller of the Currency (OCC), has countered objections from bankers regarding the chartering of digital asset companies. Speaking at an industry gathering in Washington, he asserted that crypto companies pursuing federal bank charters should not be assessed differently from traditional banks.

According to Gould, restricting digital asset operations would harm the vibrancy and development of the federal banking system. He emphasized that the OCC has a longstanding history of granting national trust bank charters, having received about 14 applications since January, including from digital asset firms.

“While some new applicants, especially in the digital or fintech sectors, may propose activities that are perceived as novel for a national trust bank, custody and safekeeping have been conducted electronically for years,” said Gould. “There is no valid reason to regard digital assets in a different light.”

OCC's Supervisory Role in Crypto Banking

In a recent address at the 2025 Blockchain Association Policy Summit, Gould dismissed fears from certain banks about the OCC's capability to supervise the activities of new applicants. He pointed out that existing institutions often share updates on their innovative projects with the OCC.

“The OCC has considerable experience in supervising a crypto-native national trust bank,” Gould remarked. “This background strengthens my confidence that we can effectively oversee both new market entrants and the evolving activities of current banks fairly.”

Moreover, he stressed the need to transition the banking sector from outdated technologies like the telegraph to progressive blockchain solutions.

Crypto Firms Apply for National Trust Charters

In October, Coinbase submitted an application to the OCC for a National Trust Company Charter, aiming to offer financial services within a regulated framework. Coinbase clarified that it does not intend to operate as a traditional bank. If approved, this license would enable the popular crypto exchange to facilitate payments independently, without relying on third-party banks.

Other crypto entities like Circle and Ripple are also pursuing federal charters. Ripple aims to bring its dollar-backed stablecoin, RLUSD, under federal oversight through a national banking license. Meanwhile, Circle is working on launching a federally regulated entity called First National Digital Currency Bank, which would allow for crypto custody services.