OCC Head Advocates Equal Treatment for Crypto and Traditional Banks
- Jonathan Gould, head of the Office of the Comptroller of the Currency (OCC), stated that crypto companies should not be treated differently from traditional financial institutions.
- The OCC has received 14 applications for new banks this year, nearly matching the total from the past four years, with some focused on digital assets.
- Currently, only two crypto banks are OCC-licensed—Anchorage Digital since 2021 and Erebor with a preliminary charter obtained recently.
- Gould emphasized that banking must evolve to keep pace with technological advancements like blockchain.
- He dismissed concerns from traditional banks about the risks posed by crypto companies seeking charters as detrimental to innovation.
Gould’s remarks highlight a push for regulatory parity between crypto entities and established banks, asserting that there is no justification for different treatment regarding digital assets. This approach aims to support innovation while ensuring effective oversight.
With a significant number of bank applications focusing on novel activities, Gould’s confidence in the OCC’s supervisory capabilities suggests an evolving landscape for both traditional and digital finance. (Source)
