US’s Largest Banking Regulatory Agency Makes a Bullish Statement on Cryptocurrencies

Jonathan Gould, Chairman of the US Office of the Comptroller of the Currency (OCC), said that banks must end discrimination in their participation in “legally permissible activities” related to the cryptocurrency sector.

Speaking at an event in Washington on Wednesday, Gould argued that he sees cryptocurrencies as a natural extension of financial intermediation services.

“I consider many crypto-related activities among the legally permitted transactions that banks want to participate in,” said Gould, adding that the institution will work more closely with banks in this area and draw a roadmap that will ensure the safe conduct of activities.

Gould's comments came after President Donald Trump pledged to make the US the “crypto capital of the planet” and signed new legislation, including stablecoin regulations. The Trump administration has recently taken steps to support digital assets, while the OCC has also moved to eliminate the practice of excluding certain individuals and companies from banking services, known as “debanking.”

Gould acknowledged that crypto technologies may pose some risks, stating that banks should have the necessary infrastructure in place before undertaking new activities. However, he added, “I don't see innovation as contradictory to security and robustness,” adding that the regulatory approach would not be closed to innovation.

*This is not investment advice.