U.S. Regulator Gould Signals Unwavering Support for Crypto Trust Charters, Pushing Back Against Traditional Bank Resistance

The U.S. Office of the Comptroller of the Currency (OCC), led by Jonathan Gould, is actively supporting the integration of digital assets into mainstream banking. Comptroller Gould stated there is “no justification” for treating cryptocurrency businesses differently from traditional financial institutions, directly challenging historical resistance from established banks citing regulatory uncertainty, volatility, and illicit activity concerns. The OCC is confident in supervising new digital asset entrants and existing banks involved in crypto, advocating for an evolution “from the telegraph to the blockchain.” The agency has clarified permissible activities for national banks, including crypto custody and stablecoin operations, and is investigating “de-banking” practices. This regulatory clarity is encouraging crypto firms like MoonPay and Crypto.com to secure trust charters, indicating a significant shift towards regulated operations and the convergence of traditional finance and the digital asset economy.

Washington D.C. – U.S. Comptroller of the Currency Jonathan Gould has rejected efforts by traditional banks to hinder cryptocurrency firms from obtaining federal trust charters. At a recent industry event, Gould emphasized the Office of the Comptroller of the Currency’s (OCC) commitment to fostering innovation and ensuring a level playing field, stating there is “simply no justification for considering digital assets differently” from traditional financial instruments. This declaration addresses the deep-seated resistance from traditional finance towards the digital asset industry.

OCC’s Vision: Embracing the Digital Evolution

Comptroller Gould views the OCC’s role as embracing digital advancements rather than resisting them, arguing that hesitancy to integrate digital assets would “risk reversing innovations” and “undermine the dynamic and evolving nature of the federal banking system.” He advocates for an adaptive regulatory framework that can evolve “from the telegraph to the blockchain.”

The OCC has established a foundation for crypto integration through interpretive letters and guidance, clarifying permissible activities for national banks and federal savings associations:

• Crypto-asset Custody: Banks can offer safekeeping services for crypto-assets, including storing cryptographic keys in both fiduciary and non-fiduciary capacities.
• Stablecoin Activities: Engagement in certain stablecoin-related activities is permitted, recognizing their role as a bridge between traditional and digital finance.
• Independent Node Verification Networks (Distributed Ledgers): Participation in these networks is deemed permissible, allowing banks to engage with distributed ledger systems.
• Holding Crypto for Network Fees and Testing: Banks can hold crypto-assets on their balance sheets for operational purposes, such as paying blockchain network “gas fees” and for testing crypto-asset-related platforms.

All such activities require robust risk management controls, adherence to stringent standards, and operation in a safe, sound, and compliant manner. The OCC and Federal Deposit Insurance Corp. (FDIC) are collaboratively preparing rules to eliminate “reputation risk” as a primary supervisory barrier.

Pushback on “De-banking”: A Fair Playing Field

Gould highlighted concerns about “de-banking,” where financial institutions sever services for crypto businesses and their executives. The OCC is reviewing these practices, viewing them as potentially stifling innovation. Gould reiterated the OCC’s confidence in supervising both new entrants and existing banks in the digital asset space “in a fair and even-handed manner,” signaling that discrimination against crypto-native firms will not be tolerated. The OCC has extensive experience supervising crypto-native national trust banks, such as Anchorage Digital.

Traditional Banks: A History of Resistance and Evolving Engagement

Traditional banking institutions have historically expressed reservations about cryptocurrency due to:

• Regulatory Uncertainty: Ambiguous regulatory landscapes.
• Volatility and Financial Risk: Extreme price fluctuations.
• Money Laundering and Illicit Activities: Concerns regarding AML/KYC compliance.
• Cybersecurity Risks: Potential for hacking and theft.
• Threat to Traditional Business Models: Fear of disintermediation by DeFi.
• Lack of Expertise and Infrastructure: Insufficient internal systems and skilled personnel.

Despite these concerns, major Wall Street institutions are cautiously increasing their participation, offering services like Bitcoin custody and lending, driven by increasing regulatory clarity and client demand. The OCC welcomes initiatives from traditional banks engaging with cryptocurrency technology.

Crypto Firms Leading the Charge for Charters

The OCC’s accommodating stance has invigorated crypto firms seeking federal trust charters:

• MoonPay’s NYDFS Trust Charter: On November 25, 2025, MoonPay’s trust company secured a trust charter from the New York State Department of Financial Services (NYDFS), enabling digital asset custody and OTC trading services.
• Crypto.com Custody Trust Company: In December 2024, Crypto.com launched its U.S. trust company after receiving a charter, allowing it to provide custody services to eligible institutional and high-net-worth clients.

The OCC has received approximately 14 de novo charter applications since the start of 2025, many from digital asset and fintech companies. Coinbase, Circle, and Ripple are reportedly seeking national trust bank charters. Paxos Trust Company LLC received its initial limited purpose trust charter for digital assets from the NYDFS in 2015.

The Future: A Converging Financial Landscape

Comptroller Gould’s leadership at the OCC marks a decisive period, shaping a future where digital assets are seamlessly integrated into the federal banking system. This regulatory clarity provides a stable foundation for crypto businesses and a defined path for traditional banks to adopt blockchain technology, fostering a competitive environment for both established institutions and the digital asset economy.