Jonathan Gould, head of the Office of the Comptroller of the Currency (OCC), stated that cryptocurrency companies seeking a federal banking charter in the United States should be treated equally to other financial institutions.

Gould mentioned at a blockchain conference on Monday that some new applicants in the digital or fintech space may be seen as offering novel activities for national trust banks, but he pointed out that "custody and safekeeping services have been conducted electronically for decades."

"There is absolutely no reason to treat digital assets differently," he added. "Moreover, it is important that we do not confine banks (including current national trust banks) to past technologies or business models."

The OCC regulates national banks and has previously viewed cryptocurrency companies as a risk to the banking system. Only two crypto banks have received OCC approval: Anchorage Digital, which has held a charter since 2021, and Erebor, which received a preliminary banking charter in October.

Gould stated that the banking system has the capability "to evolve from telegraphs to blockchains."

He added that the OCC has received 14 applications for new banks this year so far, "including those from entities engaged in novel or digital asset activities," a number that is nearly equivalent to the total of similar applications received by the OCC over the past four years.

"Granting charters helps ensure that the banking system keeps pace with financial evolution and supports our modern economy," he said. "That is why entities involved in activities related to digital assets and other new technologies should have a pathway to become federally regulated banks."

Gould noted that banks and financial industry groups have expressed concerns about cryptocurrency companies obtaining banking charters and the OCC's ability to regulate them.

"Such concerns could reverse innovations that better serve bank customers and support local economies," he said. "The OCC also has years of experience regulating a crypto-native national trust bank."

Gould stated that regulators "hear feedback almost daily from existing national banks about their own exciting and innovative product and service initiatives."

"All of this further reinforces my confidence that the OCC can effectively regulate new entrants and existing banks' new activities in a fair and impartial manner," he added.

Related: Coinbase says Bitcoin (BTC) is expected to recover in December due to 'macro tailwinds' and Federal Reserve rate cuts.

Original: “OCC Head Says There’s ‘No Reason’ to Treat Banks and Crypto Industry Differently”

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