In a significant address at CoinDesk’s Policy and Regulation event in Washington, D.C., Jonathan Gould, the newly appointed head of the U.S. Office of the Comptroller of the Currency (OCC), openly acknowledged the ongoing challenge of “debanks”—the systematic withdrawal of crypto-related businesses from banking partnerships. He described this issue as a “real phenomenon,” drawing on recent incidents where corporate accounts were terminated with banks stating, “we don’t want your business here.”
Gould’s remarks come amid efforts by the current administration to position the U.S. as a leader in the global cryptocurrency sector. Appointed by President Donald Trump, Gould’s mandate includes not only supporting the crypto industry but also reversing previously established restrictive measures that hinder the engagement of banks with cryptocurrency businesses. He indicated that his early weeks in the role have been dedicated to addressing the concerns surrounding debanking and revising “anti-crypto licensing conditions.”
Earlier in the week, the OCC issued a statement affirming its commitment to combat what it termed “politicized or unlawful debanking” within the federal banking system. While banking challenges have historically affected various high-risk industries, the specific issues faced by the cryptocurrency community have highlighted a pressing need for regulatory balance.
In tandem with these reforms, Gould emphasized the importance of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which outlines a framework for the OCC to serve as the federal regulator of both U.S. and foreign stablecoin issuers whose products circulate in the United States. He described this regulatory undertaking as a “big” initiative, with plans to create clearer pathways for crypto companies seeking bank charters or licenses.
Under his leadership, the OCC plans to shift its approach from a long-standing risk-averse strategy toward a more inclusive framework that facilitates banks’ participation in cryptocurrency markets. Gould, who previously served as an executive at Bitfury, stated that the cautious attitude towards crypto engagement is a thing of the past.
Despite apprehensions from traditional banking institutions regarding the potential impacts of stablecoins on their deposit base, Gould reassured stakeholders that fears may be exaggerated. He likened the relationship between stablecoin offerings and traditional deposits to established financial products like money market funds, which have coexisted without undermining the core deposit operations of banks.
As the situation continues to evolve, it remains to be seen how these regulatory changes will reshape the relationship between the banking sector and the burgeoning cryptocurrency industry.
