Senate Confirms Gould to Lead OCC Amid Crypto Policy Shifts

Jonathan Gould has been confirmed by the US Senate to lead the Office of the Comptroller of the Currency (OCC), one of the most powerful agencies in the federal banking system. The final Senate vote took place on Thursday and passed narrowly, 50 to 45. Gould's appointment aligns him with other Trump administration officials who advocate for easing regulations on the nation’s banks and promoting the adoption of cryptocurrency assets.

Gould brings a strong background in legal and financial regulation to his new role. Notably, he served as the chief legal officer for blockchain infrastructure company Bitfury and held senior roles within the OCC, including senior deputy comptroller and chief counsel. His deep institutional knowledge and recent private sector experience position him uniquely to lead the agency as it navigates the evolving landscape of digital assets and traditional banking.

President Donald Trump announced his nomination in February, and the appointment is now cleared to take Gorsuch’s place pending Trump’s final signature before Gould can take over the position. The OCC, under Gould's leadership, will continue to regulate, charter, and supervise national banks, federal savings associations, and federal branches of foreign banks. In a world where digital assets are becoming increasingly integrated with traditional banking, the OCC's role and leadership are more critical than ever.

Gould’s confirmation was not without controversy. Republican Senator Cynthia Lummis of Wyoming initially voted against Gould in a procedural roll call, citing concerns over his stance on stablecoin regulation and the issue of federal preemption vis-a-vis state banking laws. However, after behind-the-scenes conversations to address her concerns, Lummis ultimately voted to confirm Gould later in the afternoon. This shift highlights the growing political significance of crypto policy in Washington, DC, and the delicate balance Gould will need to maintain as he navigates conflicting expectations from lawmakers.

As Gould assumes his new role, digital assets continue to evolve rapidly, and Congress is accelerating federal oversight of stablecoins and other forms of digital currency. The House of Representatives is set to debate and potentially vote on the GENIUS Act, which aims to establish a strong legal framework around stablecoins. The bill would require stablecoins to be backed 1:1 by US dollars or equivalent liquid assets, mandate annual audits for large issuers, and set standards for foreign stablecoin providers.

With Gould at the helm, the OCC will be responsible for writing and enforcing any new rules enacted. Earlier this year, the agency clarified that US banks can hold and trade cryptocurrencies on their behalf. Additionally, the OCC indicated that it would remove “reputation risk” as a distinct concept from its supervisory handbooks, allowing banks greater flexibility in considering partnerships with cryptocurrency firms, fintech startups, and other emerging industries, while mandating rigorous risk management.

Gould's dual experience in both the public and private sectors places him in a unique position to influence how the OCC approaches the changing digital world. However, it also makes him a target of an increasingly divided Congress, where crypto-related issues, state vs. federal authority, and financial inclusion are becoming more politically charged. The next few months will reveal whether Gould can successfully navigate the OCC through these changes and win the confidence of both crypto interests and lawmakers from both parties.