Jonathan Gould, a seasoned blockchain executive with a strong regulatory background, has been officially appointed as the new head of the Office of the Comptroller of the Currency (OCC). The US Senate recently voted 50 to 45 in favor of his nomination, paving the way for Gould to assume the role as the OCC’s first permanent chief since 2020.
Having previously served as Bitfury’s chief legal officer and holding senior positions at the OCC during the previous Trump administration, Gould’s return signifies a significant shift for the federal banking regulator. The OCC oversees national banks and savings associations and plays a crucial role in shaping financial policy, particularly in the realm of emerging technologies.
Gould’s confirmation comes amidst ongoing debates in Washington regarding the regulation of digital assets, notably stablecoins. The Senate’s approval coincides with the upcoming “Crypto Week” in the House, during which lawmakers are set to deliberate on the GENIUS Act. This proposed legislation aims to establish stringent guidelines for stablecoin issuers, including requirements for full dollar backing and mandatory annual audits for issuers with significant market capitalization.
Despite Gould’s confirmation, political tensions persist, as evidenced by Senator Cynthia Lummis initially expressing concerns over federal preemption of state banking laws and stablecoin regulations. However, she ultimately voted in favor of Gould’s nomination during the final tally.
The OCC has already adopted a more crypto-friendly stance this year, affirming that US banks are permitted to trade crypto assets for their own accounts. Additionally, the agency updated its internal guidance by eliminating references to “reputation risk,” emphasizing the importance of responsible risk management by banks.
In a statement released by Senate Banking Committee Republicans, Gould is expected to lead efforts to refocus the OCC on its core mission of supervising banks and ensuring financial stability. The American Bankers Association also welcomed Gould’s appointment, advocating for a regulatory framework that upholds national bank preemption and promotes a resilient financial system.
As Gould takes over from Acting Comptroller Rodney Hood, he is poised to play a pivotal role in shaping the intersection of US banking policy with the rapidly evolving crypto sector. His appointment underscores the growing momentum towards establishing clearer regulations as digital assets gain increasing traction in mainstream finance.
Overall, Gould’s background in the blockchain industry and regulatory expertise position him well to steer the OCC towards a more progressive approach to crypto oversight, a development eagerly anticipated by stakeholders across the financial sector.