Senate Confirms Jonathan Gould as New OCC Head in 50-45 Vote

Jonathan Gould has been confirmed as the new head of the US Office of the Comptroller of the Currency (OCC) following a 50-45 vote in the Senate on Thursday. This confirmation marks a significant shift in the leadership of the OCC, the primary regulator for national banks and federal savings and loan associations in the United States. Gould's extensive legal and regulatory experience, honed through his previous roles as Bitfury’s chief legal officer, a partner at Jones Day, and the OCC’s senior deputy comptroller and chief counsel, positions him well to lead the agency.

Gould's appointment is part of a broader reshaping of financial regulatory agencies under President Donald Trump's administration. Since taking office, Trump has overseen the confirmation of several high-profile nominees, including Paul Atkins to lead the US Securities and Exchange Commission (SEC). The Senate is also expected to vote soon on Brian Quintenz as chair of the Commodity Futures Trading Commission (CFTC).

Gould's confirmation has been met with support from various industry groups, including the Blockchain Association, the American Fintech Council, and the Independent Community Bankers of America. These groups have endorsed Gould's nomination, citing his experience and expertise in both the public and private sectors. Lindsey Johnson, the president and CEO of the Consumer Bankers Association (CBA), issued a statement congratulating Gould on his confirmation. She highlighted his well-rounded perspective and deep credibility, emphasizing the need for a pragmatic approach to bank regulation.

Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), also released a statement of congratulations. He praised Gould's distinguished résumé and expressed anticipation for his measured approach to banking supervision. Broeksmit noted that the MBA will continue to advocate for reforms that support improved housing affordability and increased participation in the mortgage market.

Gould's confirmation is expected to further advance the administration’s crypto-friendly agenda. He has raised questions about certain post-financial crisis risk management measures, suggesting a potential shift in regulatory focus. His appointment comes at a time when the banking sector is navigating complex challenges, and his experience is seen as crucial for driving economic growth and innovation. With Gould now confirmed, acting OCC head Rodney E. Hood is expected to step down. Additionally, no other replacements for upcoming vacancies at the CFTC have been announced beyond Quintenz.

Interestingly, Gould is not the first Bitfury executive to transition into a key regulatory role. Brian Brooks, who served as acting Comptroller of the Currency from 2020 to 2021, was also briefly CEO of Bitfury and previously held top positions at Coinbase and Binance US. He currently sits on the at Strategy.