Jonathan Gould has been confirmed to lead the Office of the Comptroller of the Currency (OCC). This is one of the most powerful agencies in the federal banking system.

The final Senate vote took place Thursday and passed narrowly, 50 to 45. He is joining the ranks of Trump administration officials who support easing regulations on the nation’s banks and promoting the adoption of cryptocurrency assets.

Gould brings to the position a strong background in legal and financial regulation. Notably, he served as the chief legal officer for blockchain infrastructure company Bitfury and held senior roles within the OCC, including senior deputy comptroller and chief counsel. His deep institutional knowledge and recent private sector experience place him in a pivotal position as he prepares to lead the agency.

President Donald Trump announced his nomination in February, and the appointment is now cleared to take Gorsuch’s place pending Trump’s final signature before Gould can take over the position.

The OCC is one of the most influential financial regulators within the US Treasury Department. It is in charge of regulating, chartering, supervising national banks, federal savings associations, and federal branches of foreign banks. In a world where digital assets are becoming increasingly enmeshed with traditional banking, who the OCC is becomes a significantly more important question regarding the future of American financial regulation.

Crypto concerns intensify, but the Senate confirms the nominee

Gould’s confirmation was not free of controversy. Over the day, Republican Senator Cynthia Lummis of Wyoming voted against Gould in a procedural roll call. Her issues were focused on where Gould stood on stablecoin regulation and the issue of federal preemption vis-a-vis state banking laws.

“The senator needs to have further conversations with the nominee about the GENIUS Act and Federal preemption of state banking laws,” a spokesperson for Lummis told Punchbowl News reporter Brendan Pedersen.

After opposing him, Lummis ultimately voted to confirm Gould later in the afternoon. According to sources, the reversal followed behind-the-scenes conversations in which the two sides sought to address her concerns.

Lummis’s evolution exemplifies the increasing political gravity of crypto policy in DC. With his corporate blockchain background, it’s an early indication that Gould may have to tread carefully as he juggles conflicting expectations from lawmakers, some of whom want to see tighter regulation, and others with a less onerous, innovation-friendly approach in mind.

OCC drives forward new crypto rules

Gould assumes the head OCC role as digital assets continue to evolve rapidly. Congress is on the fast track to ramp up federal oversight of stablecoins and other forms of digital currency.

The House of Representatives is poised to debate and potentially vote on the GENIUS Act next week — legislation making room for a strong legal framework around stablecoins.

The bill would require stablecoins to be backed 1:1 by US dollars or equivalent liquid assets, mandate annual audits for large issuers, and establish standards for foreign stablecoin providers.

With Gould at the helm, it would fall to the OCC to write and enforce any new rules enacted. Earlier this year, the agency clarified in guidance that US banks can hold and trade cryptocurrencies on their behalf.

In another significant step, the OCC indicated that it would strike “reputation risk” as a distinct concept from its supervisory handbooks. The move was designed to allow banks greater leeway as they considered partnerships with cryptocurrency firms, fintech startups, and other industries that have only begun to emerge, while mandating rigorous risk management.

In Gould’s hands looms the double responsibility of continuing to innovate while ensuring financial stability. His two-fold experience puts him in a unique place to influence how the OCC approaches the changing digital world.

But it also makes him a target of an increasingly divided Congress, where crypto-related issues, state vs. federal authority, and financial inclusion are getting more politically heated.

The next few months may show if Gould can navigate the OCC through these changes and whether he can win the confidence of both crypto interests and lawmakers from both parties.

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