- Trump taps ex-Bitfury legal chief Jonathan Gould to lead the U.S. Office of the Comptroller of the Currency (OCC).
- Gould’s appointment signals a shift toward pro-crypto banking policies, aligning with other crypto-friendly Trump picks.
- The move could open the door for U.S. banks to issue stablecoins, reshaping the digital asset landscape.
Donald Trump has nominated Jonathan Gould, former chief legal officer of blockchain firm Bitfury and ex-BlackRock director, to head the Office of the Comptroller of the Currency (OCC).
Gould had earlier held the positions of senior deputy comptroller and chief counsel at the OCC. His nomination matters given his prior support for fair banking access for crypto firms.
Gould was a vocal critic of Operation Chokepoint 2.0 which severed banking ties with crypto firms, forcing a tough market for the industry. He advocated for regulatory clarity that integrates stablecoins into traditional finance. His nomination mirrors a pattern of Trump’s crypto-friendly appointments, including Brian Quintenz for CFTC chair.
Related: Trump Nominates a16z’s Quintenz as CFTC Chief for Crypto Oversight
OCC Guidelines and Stablecoin Adoption
Both OCC and CFTC will shape the rules for stablecoins. The OCC, in particular, issues guidelines for national banks seeking partnerships with stablecoin issuers or offering stablecoin-related services like custody and payment, which may boost mainstream adoption.
The OCC can also set stablecoin reserve requirements, ensuring they are adequately backed by high-quality assets and are easily redeemable. This is vital for maintaining confidence in stablecoins.
With Jonathan Gould, a known crypto advocate, back at the OCC, the banking sector’s involvement in stablecoin issuance could potentially unlock trillions in digital dollar transactions. As U.S. banks gradually warm up to stablecoins, blockchain networks allowing these transactions—such as Ethereum and Solana—could see increased demand, strengthening crypto’s position in mainstream finance.
Crypto Community Reacts: Skepticism & Support
Crypto enthusiasts reacted with mixed feelings. Some viewed it as a predictable move, with one user commenting, “Same old game. Another crypto insider placed in power to push the agenda. Bitcoin doesn’t need regulators, but crypto sure does.”
Another took a skeptical stance, quipping, “So, Trump’s appointing a crypto exec to regulate banks? That’s like me asking a cat to do my taxes Won’t end well, if you ask me.”
Stablecoin Momentum Under Trump’s Agenda
Meanwhile, Trump has already signaled strong support for stablecoins as an alternative to Central Bank Digital Currencies (CBDCs). His inner circle, including U.S. crypto czar David Sacks and Senator Bill Hagerty, has advocated for clear stablecoin regulations.
Related: Senator Hagerty’s GENIUS Act Aims to Pass Stablecoin Bill in 100 Days
Even Federal Reserve Chair Jerome Powell, known for his apolitical stance, has dismissed plans for a U.S. CBDC under his tenure, reinforcing the Fed’s commitment to the existing financial system. With regulatory tides shifting, Gould’s leadership may define how U.S. banks engage with stablecoins in the years ahead.
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