At an event in Washington, Jonathan Gould, Chairman of the OCC, urged banks to end discrimination against cryptocurrency activities, emphasizing the importance of participating in legal transactions.
Cryptocurrencies as an Extension of Financial Services
Gould considers cryptocurrencies a natural extension of financial intermediation services. He noted that many crypto-related activities are legal and should be supported by banks.
New Steps by Trump Administration to Support Digital Assets
Gould's comments followed President Donald Trump's pledge to make the U.S. the 'crypto capital of the planet' and the signing of new legislation, including stablecoin regulations. The Trump administration is taking steps to support digital assets and eliminate the practice of debanking.
Need for Infrastructure for Safe Banking Operations
Gould acknowledged that cryptocurrency technologies may pose certain risks and added that banks need to have the necessary infrastructure in place for new activities. However, he emphasized, 'I don't see innovation as contradictory to security and robustness.'
Support from the OCC and the Trump administration may foster the development of the cryptocurrency sector, yet the importance of safety and reliability in operations remains paramount.
