The U.S. Senate has confirmed Jonathan Gould, a former executive at blockchain infrastructure firm Bitfury, to lead the Office of the Comptroller of the Currency (OCC). The confirmation vote, held on Thursday, resulted in a 50-45 decision, paving the way for Gould to assume the role of Comptroller of the Currency for a five-year term. President Donald Trump initially nominated Gould for the position in February.
Gould's confirmation marks a significant development for the OCC, which regulates and supervises national banks and federal savings associations. He will be the first permanent head of the OCC since Joseph Otting left the office in May 2020. The OCC has been without a permanent head for an extended period, with Michael Hsu serving as acting comptroller from May 2021 to February 2025, followed by Rodney Hood.
Prior to his role at Bitfury, Gould served as senior deputy comptroller and chief counsel at the OCC. He is also a partner at the law firm Jones Day. His background in both the blockchain sector and the OCC positions him well to navigate the complexities of regulating this emerging technology.
The confirmation vote was not without its complexities. Senator Cynthia Lummis, a known advocate for cryptocurrency, initially voted against Gould's nomination during a procedural roll call. According to a spokesperson, Lummis sought further discussions with Gould regarding stablecoin regulations and the potential override of federal banking laws by state laws. However, Lummis ultimately voted in favor of Gould's confirmation.
Gould's appointment comes at a crucial time as the U.S. Congress is increasing its efforts to regulate the cryptocurrency sector. The House of Representatives is scheduled to debate the GENIUS Act, a stablecoin bill, during "Crypto Week". This legislation aims to ensure that stablecoins are fully backed by U.S. dollars or similar liquid assets, mandate annual audits for issuers with a market capitalization exceeding $50 billion, and establish rules for foreign stablecoin issuers.
The OCC has already taken steps towards embracing cryptocurrency in 2025, clarifying that U.S. banks can trade crypto assets on their own behalf and announcing plans to remove "reputational risk" clauses from its guidelines. These actions reflect a growing acceptance of cryptocurrency within the regulatory framework, which is likely to foster further innovation and investment in the sector.
Gould's appointment is expected to bring a crypto-friendly perspective to the OCC, potentially influencing future regulatory decisions in favor of digital assets.
