Top U.S. Banking Regulator Acknowledges Reality of Crypto Debanking
Jonathan Gould, head of the U.S. Office of the Comptroller of the Currency (OCC), highlighted the ongoing issue of "debanking" within the crypto sector at a recent event. Key points include:
- Gould confirmed the reality of debanking, citing instances where businesses were denied banking services.
- He aims to position the U.S. as a global hub for crypto by reversing restrictive licensing conditions and introducing new stablecoin regulations.
- The OCC is addressing politicized or unlawful debanking practices affecting crypto firms.
- Gould will oversee the implementation of the GENIUS Act, regulating U.S. and foreign stablecoin issuers.
- The process for crypto companies to become licensed banks will receive increased focus.
- Concerns from traditional banks about stablecoin regulation undermining their deposits are deemed exaggerated.
Gould's approach marks a shift towards facilitating bank involvement in the crypto industry.