OCC Head Advocates for Equal Treatment of Crypto Firms in Bank Chartering Process
Jonathan Gould, the top of the US Office of the Comptroller of the Currency (OCC), has pushed again on banker complaints about permitting digital asset companies looking for to ascertain nationwide belief financial institution charters.
Speaking at an industry event in Washington, he stated that crypto corporations looking for federal financial institution charters ought to be evaluated no in another way than conventional monetary establishments.
Limiting digital asset actions would “undermine the dynamic and evolving nature of the federal banking system,” he stated.
Further, he highlighted the OCC’s lengthy historical past of chartering nationwide belief banks and their actions. The OCC obtained about 14 constitution functions because the begin of the yr, including digital asset firms.
“Although the proposed actions of some new constitution candidates, particularly these in the digital or fintech areas, may very well be considered as new actions for a nationwide belief financial institution, custody and safekeeping companies have been taking place electronically for many years,” the OCC chief stated. “There is solely no justification for contemplating digital belongings in another way.”
OCC Plans to Supervise Crypto Firms in Banking System – Here’s How
Gould additionally dismissed issues from sure current banks relating to OCC’s lack of supervisory capability to supervise new candidates’ actions.
In remarks on the 2025 Blockchain Association Policy Summit, Gould famous that the company is listening to day by day from current banks about their very own initiatives for revolutionary services and products.
“The OCC has additionally had years of expertise supervising a crypto-native nationwide belief financial institution,” Gould added. “All of this reinforces my confidence in the OCC’s capacity to successfully supervise new entrants in addition to new actions of current banks in a good and even-handed method.”
Besides, he emphasised the necessity to evolve the banking system from historic applied sciences just like the telegraph to trendy blockchain improvements.
Crypto Players Apply for National Trust Charter
In October, Coinbase filed an application with the US OCC for a National Trust Company Charter to increase monetary companies beneath clear laws.
Despite the transfer, Coinbase was clear that it has no plans to change into a conventional financial institution. If granted, the license would enable the crypto trade large to supply funds with out relying on third-party banks.
Circle and Ripple have filed related functions. For occasion, Ripple supposed to convey its dollar-backed stablecoin, RLUSD, beneath federal supervision by seeking a national banking license.
Additionally, Circle is seeking to launch a federally regulated entity named First National Digital Currency Bank that will enable the corporate to supply crypto custody.
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