OCC Chief Advocates Equal Treatment for Crypto Firms Seeking Federal Licenses

According to Odaily, Jonathan Gould, the head of the U.S. Office of the Comptroller of the Currency (OCC), has stated that cryptocurrency companies applying for federal banking licenses should be treated the same as traditional institutions, with no regulatory distinctions made artificially. He noted that the concepts of digital asset custody and secure storage are not new, as electronic business practices have been ongoing for decades. Gould emphasized the banking system's ability to evolve from the telegraph era to the blockchain era, arguing that it should not be confined to outdated technological and business frameworks. He disclosed that the OCC has received 14 new bank applications this year, including those from entities involved in digital assets, which nearly equals the total number of similar applications over the past four years, indicating a significant rise in demand. Gould believes that allowing institutions engaged in crypto and innovative technologies to obtain federal regulation is essential for ensuring the financial system continues to develop in line with the modern economy. He also addressed concerns from some banks regarding crypto companies receiving licenses, asserting that the regulatory framework is fully capable of overseeing them.