Trump Nominates Crypto Veteran to Head US Bank Regulator

US President Donald Trump has nominated Jonathan Gould, a former executive at crypto firm Bitfury, to lead the Office of the Comptroller of the Currency (OCC), the country's bank regulator. The White House submitted Gould's nomination to the Senate on Feb. 11, and if confirmed, he would serve as the Comptroller of the Currency for a term of five years.

Gould, who is currently a partner at the law firm Jones Day, previously served as the OCC's senior deputy comptroller and chief counsel from late 2018 to mid-2021 in Trump's first administration. Before that, he was a director at BlackRock from 2014 to 2018. The OCC regulates and supervises all national US banks that are part of the Federal Reserve System, including major banks like JPMorgan Chase and Bank of America, with the aim of ensuring the safety of the US banking system.

Kristin Smith, CEO of crypto advocacy body the Blockchain Association, praised Gould's nomination, stating that his tenure in the crypto industry made him an excellent choice for the role. She expressed confidence that Gould would effectively lead the agency. Avichal Garg, co-founder of investment firm Electric Capital, also welcomed the nomination, noting that Gould's appointment could be a positive development for fintech and crypto founders seeking better access to financial services.

In a March 2023 testimony before a House Financial Services Digital Assets Subcommittee hearing, Gould discussed the Biden administration's approach to crypto and expressed concern that regulatory action could be having a chilling effect on banks' ability to engage in crypto activities. Gould's nomination comes amid reports that Trump administration officials are exploring the possibility of folding the Federal Deposit Insurance Corporation into the Treasury or combining the FDIC's regulatory role with the OCC.

Trump's nomination of Gould is part of a series of appointments with ties to the crypto industry, including Brian Quintenz, the head of policy for the crypto arm of venture capital firm Andreessen Horowitz, who was nominated to chair the Commodity Futures Trading Commission. Another notable nomination is John Hurley, who was nominated as the Treasury's undersecretary for terrorism and financial crimes. Both nominees are expected to bring a measured approach to crypto regulation, focusing on innovation while maintaining strict compliance demands.