Changes Afoot With the OCC's Approach to Crypto

On September 10, 2025, Comptroller of the Currency Jonathan Gould spoke at the CoinDesk Regulation and Policy Conference in Washington, D.C. His comments were particularly noteworthy as they reflect the significant policy differences between this and the prior Administration regarding cryptcurrency and blockchain technology. Similar themes were included in Comptroller Gould's September 10 remarks to the Financial Stability Oversight Council. We note those points below and comment on each of them. 

First, the Comptroller noted that blockchain technology and cryptocurrency are now included within the financial intermediation services provided by banks. As such, they are now considered part of the business of banking, subject to having in place the infrastructure needed to support them. This is consistent with Section 301 of the Responsible Financial Innovation Act of 2025 discussion draft on crypto market structure released on September 5 by the Senate Banking Committee, which provided a lengthy list of crypto activities that would be considered permissible within the banking perimeter. This is a further demonstration of the regulatory integration of crypto services into the regulated banking framework. It is highly unlikely that this trend will be reversed meaning that much of what traditionally has been considered doubtful banking activities now will be fully adopted and even become commonplace.

Second, Comptroller Gould indicated a desire to ensure that regulation makes blockchain technology accessible even to smaller institutions. He specifically stated that he did not want a repeat of past experience where only the largest banks were able to take advantage of cutting-edge technology because of the size of their balance sheets and the resources available to them. These comments are an additional signal that the regulators are looking to make blockchain technology universally accessible but also reflect an awareness of the need for a level playing field as this game-changing technology rolls out. Crafting regulations, which would allow blockchain technology to become as accessible for a small bank as a large one, is likely to prove a challenge. This, in part, may explain why many of the regulators at the conference called for the industry to engage with them as much as possible.

Third, Comptroller Gould made an interesting comment that innovation is not the opposite of safety and soundness. In fact, a failure to innovate by itself could create a safety and soundness risk. Again, completely unlike other administrations, this OCC appears both to encourage innovation and support development of innovative efforts made in good faith.

Fourth, Comptroller Gould expressed that the concern over deposit flight due to stablecoins may be overstated and that, in any event, there is a well-designed plan to deal with any deposit flight should it begin. He correctly observed that in the past, other instruments, such as money market mutual funds, competed with deposits without major disruption.

Fifth, Comptroller Gould noted that the chartering process is one of the OCC's most strategic functions. Underscoring that statement, he commented on the recent promotion of Stephen Lybarger from the OCC's Deputy Comptroller of Licensing to the Senior Deputy Comptroller for Chartering, Organization, and Structure. This appears to indicate a determination to ensure that the considerable number of charter applications now on file will be treated fairly and with reasonable dispatch.

Finally, Comptroller Gould noted that there will be ample opportunities for tokenization, especially for assets held in custody, which would lead to better management of collateral with respect to swaps, repos, and private funds. This is a welcome statement of openness, particularly given the recent volume of dialogue regarding the tokenization of deposits. He acknowledged with some candor that the OCC has not taken advantage of the opportunity to learn over the last few years and repeated with emphasis the request that regulated entities engage with the OCC.

In sum, Comptroller Gould's comments add to the growing quantum of evidence of a 180-degree change in the federal government's approach regarding the regulatory treatment of crypto, which now encourages industry engagement with regulators and embraces blockchain technology and crypto, which together should "depoliticize banking" and eliminate "unlawful debanking."