New OCC Chief Expected to Prioritize Digital Assets and FinTech Bank Charters

Jonathan Gould has been confirmed by the Senate as the new Comptroller of the Currency, stepping into the role as the first permanent head of the agency in nearly five years. His appointment is expected to signal a more supportive regulatory approach to digital assets and expanded pathways for nonbanks and FinTech firms to enter the banking system.

Gould’s background includes a leadership role at blockchain firm Bitfury and a previous tenure at the OCC during the Trump administration. These credentials suggest he may continue efforts to integrate digital asset services into traditional banking frameworks. Earlier this year, the OCC issued Interpretive Letter 1184, affirming that banks are permitted to provide crypto custody services as part of their traditional fiduciary responsibilities.

During his confirmation hearings in March, Gould criticized past regulatory practices that he said focused too narrowly on eliminating risk instead of managing it—an approach, he argued, that hinders innovation and raises barriers to new technologies. He echoed this concern in 2023 testimony before the House Financial Services Subcommittee, where he warned that recent regulatory actions were chilling banks’ willingness to engage with digital asset firms or experiment with blockchain technologies for traditional banking services.

Recent OCC activity suggests a more open stance toward FinTech integration. In March, the OCC granted conditional approval to SmartBiz Loans to become a bank holding company via the acquisition of CenTrust, allowing the company to expand its deposit and lending operations. Other firms, including Circle, Ripple, and Wise, have also filed charter applications, with Circle seeking to establish a national trust bank to manage reserves for its USDC stablecoin.

However, not all industry voices are aligned with this direction. The Independent Community Bankers of America (ICBA) issued a warning alongside Gould’s confirmation, urging the OCC to exercise caution in approving banking charters for nonbank digital asset firms. The ICBA cited risks tied to illicit finance and the need to preserve the long-standing separation between banking and commercial enterprise.

As Gould assumes leadership, the OCC’s evolving approach to chartering and digital assets will likely remain in focus—balancing innovation with systemic safety will be a key theme under his watch.

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