US OCC Director: No Reason to Treat Banks and Crypto Institutions Differently

In a recent statement, Jonathan Gould, the head of the US Office of the Comptroller of the Currency (OCC), stated that crypto companies applying for federal bank charters should receive 'equal treatment' compared to traditional institutions, with no artificial distinctions in regulation. He emphasized that digital asset custody and secure storage are not new concepts, with electronic business having been ongoing for 'decades'.

Gould stressed that the banking system has the capability to evolve from the 'telegraph era to the blockchain era' and should not be confined to outdated technological and business frameworks. He revealed that the OCC has received 14 new bank applications this year, including new business entities involving digital assets, nearly equivalent to the total number of similar applications in the past four years, indicating a significant increase in demand.

Gould believes that allowing institutions engaged in crypto and innovative technologies to obtain federal regulation is a necessary path to ensure the continuous development of the financial system in sync with the modern economy. He also addressed concerns from some banks regarding crypto companies obtaining charters, stating that the regulatory framework is fully capable of supervising them.

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