Noting more than half of recent bank charter applications received by his agency involve digital assets, Comptroller of the Currency Jonathan Gould today said his job isn’t about “incumbent protection” but rather preserving the integrity of the banking system.
Gould spoke about the role of the OCC in implementing the 2025 Genius Act during a Q&A at the Wyoming Blockchain Symposium in Jackson Hole. Among other things, he said the agency plans to issue a final rule on implementation by November. The comptroller also said the OCC has received 40 applications for bank charters in roughly the last 18 months, with 23 involving digital asset activity.
“That’s an eightfold increase from the four years of the Biden administration, so that tells you about where the puck is going,” Gould said. “When I look out further to the pipeline of potential applicants for bank charters, it is becoming ordinary course to involve and integrate payment stablecoins, etc., in the business plans that we are now seeing presented to the OCC for consideration.”
The American Bankers Association and others have called for further scrutiny of the proposed charters and for public comment on the OCC’s approval process. Gould has previously defended the agency’s actions, arguing that there is “pent-up demand” for new banks. His message was the same at the symposium.
“My job is not about incumbent protection,” Gould said. “My job is about the integrity of the banking system as a whole and making sure that it remains relevant over time.”
