WASHINGTON—Comptroller of the Currency Jonathan Gould said Monday that the federal banking system must fully adapt to crypto and digital-asset activity or risk long-term stagnation, arguing that innovation tied to blockchain technology can strengthen — not destabilize — the traditional banking system when properly supervised.
Gould delivered the remarks at the Blockchain Association Policy Summit in Washington.
Gould framed crypto-related activity as part of a broader push to revive new-bank formation, saying the Office of the Comptroller of the Currency is working to reverse more than a decade of stalled de novo chartering. After receiving fewer than four new-bank applications per year on average from 2011 through 2024, the OCC has already logged 14 new applications in 2025, including firms engaged in digital-asset activity, he said.
Addressing criticism from some banks and trade groups, Gould rejected claims that allowing crypto-related custody through national trust banks would break with precedent. He said trust banks have long engaged in nonfiduciary custody and safekeeping activities, which now account for nearly $2 trillion in assets under administration — roughly a quarter of all trust bank assets. Treating digital assets differently, he warned, would undercut both legal precedent and the competitiveness of the banking system.
Gould also pushed back on arguments that the OCC lacks the expertise to supervise crypto-related banking activity, pointing to years of agency experience overseeing national trust banks and crypto-native institutions. He said innovation by both new entrants and existing banks is accelerating and that regulators must apply consistent standards across firms with comparable risks.
He closed by warning that restricting legally permissible digital-asset activity would weaken the resilience of the U.S. banking system and limit its ability to evolve alongside technological change, arguing that regulatory stagnation — not innovation — poses the greater threat to long-term financial stability.