Jonathan Gould, head of the U.S. Monetary Commission (OCC), has expressed opposition to complaints from banking institutions that digital asset companies should not be allowed to obtain a limited national banking license.
Speaking at a banking industry event in Washington, Gould explained that crypto companies seeking a national banking license should be evaluated no differently than traditional financial institutions, and added that seeking to limit the activities of digital asset companies “overlooks the ever-changing nature of the federal banking system.”
Gold also highlighted the Currency Regulatory Authority’s long history of granting limited local banking licenses and monitoring the activities of those who obtain them, after the Authority received around 14 license applications since the start of the year, including applications from digital asset companies.
The head of the Currency Supervisory Authority said: “Although the activities proposed by some new license applicants – particularly in the areas of digital finance and the fintech sector – could be considered new activities in the limited local banking sector, custody and custody services have been carried out electronically for decades,” and he continued: “There is simply no justification for treating digital asset companies differently. »
The OCC thus intends to supervise crypto companies within the banking system
Gold rejected claims by some existing banks that the authority did not have the capacity to monitor the activities of new applicants. In his remarks at the Blockchain Association 2025 Policy Summit, Gold noted that the authority receives proposals for innovative products and services from existing banks on a daily basis.
“The Currency Supervisory Authority also has years of experience supervising limited local banking license recipients of companies operating in the crypto sector, which reinforces my confidence in the authority’s ability to effectively supervise new applicants, as well as new activities of existing banks, in a fair manner that ensures equal treatment,” Gold added, highlighting the need to develop the banking system from old technologies such as telegraphic messages to modern blockchain innovations.
Crypto Institutions Apply for Local Banking License
Last October, Coinbase applied to the U.S. Currency Control Commission (OCC) for a local banking license to expand its financial services under clear regulations.
However, Coinbase – the giant company in the field of digital currency trading – has confirmed that it does not plan to transform into a traditional bank, but rather – if it obtains the license – to offer direct payment services without relying on external banks.
Circle and Ripple Labs have also submitted similar applications, as Ripple intends to place its US dollar-denominated stablecoin – Ripple USD-RLUSD – under federal supervision by seeking a national banking license.
For its part, Circle plans to launch a federally regulated entity called First National Digital Currency Bank, which would allow it to provide custody services for digital currencies.
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