Jonathan Gould, previously a blockchain executive with significant regulatory expertise, has been confirmed as the new head of the Office of the Comptroller of the Currency (OCC). The US Senate approved his nomination with a vote of 50 to 45 on Thursday, allowing Gould to take over as the OCC’s first permanent chief since 2020. Gould’s background includes a tenure as Bitfury’s chief legal officer and senior positions at the OCC during the Trump administration. His appointment signals a significant change for the federal banking regulator, which oversees national banks and savings associations and is crucial in shaping financial policy, especially regarding emerging technologies.
**Gould Steps in Amid Regulatory Debates**
Gould’s confirmation comes amid ongoing discussions in Washington on how to best regulate digital currencies, particularly stablecoins. This approval precedes a pivotal time in the House dubbed “Crypto Week,” aimed at scrutinizing the GENIUS Act, which seeks to impose strict rules on stablecoin issuers, such as requiring full dollar backing and mandatory annual audits for those with substantial market caps.
As Gould assumes his role, the political landscape remains fraught with tensions. Notably, Senator Cynthia Lummis, known for her support of cryptocurrencies, initially opposed Gould’s nomination due to concerns over federal overreach into state banking laws and stablecoin regulations. Nevertheless, she cast her vote in favor during the final tally.
**OCC Embraces a More Crypto-Friendly Approach**
This year, the OCC has adopted a more open stance towards cryptocurrencies. It has clarified that US banks can engage in buying and selling crypto assets for their own accounts and has updated its guidance to eliminate references to “reputation risk,” emphasizing instead that banks must manage all associated risks responsibly.
Senate Banking Committee Republicans have expressed that Gould will continue to guide the OCC back to its primary mission of bank supervision and ensuring financial stability. His leadership is seen as crucial for navigating the intersection of US banking policy with the rapidly developing cryptocurrency sector, pushing for clearer regulation as digital assets become increasingly embedded in mainstream finance.
The American Bankers Association has welcomed Gould’s appointment, advocating for a regulatory framework that supports national bank preemption and a resilient financial system. Gould is set to replace Acting Comptroller Rodney Hood and is expected to be instrumental in shaping the future of banking regulation in the face of growing digital asset integration.
Tweet: Jonathan Gould has been confirmed as the new Comptroller of the @USOCC, signaling a fresh perspective at the helm of national banking supervision. #Finance #Cryptocurrency #Regulation
