OCC Chief Declares Crypto Banks Must Get Equal Footing with Traditional Banks
The head of the Office of the Comptroller of the Currency just dropped a regulatory bombshell. Crypto-native banks deserve the same rulebook as their brick-and-mortar counterparts. No more second-class status.
The Regulatory Leveling
This isn't a suggestion—it's a directive from the top. The argument cuts through years of regulatory fog: if an institution performs banking functions, it gets banking privileges. Period. The logic bypasses the asset debate entirely, focusing purely on function.
Why This Changes Everything
For crypto firms, it's a potential master key to the financial system. Equal treatment means access to payment rails, federal charters, and the holy grail of mainstream legitimacy. It pulls digital assets out of the regulatory shadows and onto the main stage.
The Fine Print & The Pushback
Don't expect Wall Street to roll out the welcome mat. Traditional banks will fight this tooth and nail—after all, why share a monopoly? The move will face fierce opposition from skeptics who still view crypto as a high-risk casino masquerading as finance. One cynical observer might note this is the same system that gave us 'too big to fail,' now debating who gets a seat at that very table.
The gatekeepers are negotiating the terms of their own irrelevance. The real question isn't if crypto banks belong, but how fast the old guard can adapt before they're bypassed completely.
Financial groups raise concerns about crypto firms acquiring banking charters
The OCC is responsible for overseeing the operations of national banks. While undertaking this role, the federal agency previously considered crypto firms as a potential risk to the banking system.
However, after careful consideration, the OCC began to realize that the claims against crypto companies were merely speculations. This led them to change their perspective on the sector. Consequently, two crypto banks have successfully acquired OCC licenses so far, as the federal agency has vowed to grant more crypto banks access to this license in the future.
These two crypto banks include Anchorage Digital, which attained its charter in 2021, and Erebor, which received a preliminary banking charter in October. Following this significant shift in outlook, Gould commented that the banking system possesses the ability to adapt and progress from the use of telegraphs to the adoption of blockchain technology.
To further support this argument, he noted that the OCC received approximately 14 applications to establish new banks this year. These applications included some from businesses conducting digital asset activities. Interestingly, the figure is nearly the same as that of all similar applications submitted to the OCC over the last four years.
According to Gould, chartering is essential to the banking system because it ensures that these systems remain updated with the existing financial changes and support the current economic status. “That’s why organizations working with digital assets and other new technologies should have a way to become federally regulated banks,” he added.
Nonetheless, even with this assertion, Gould still noted that banks and financial groups expressed heightened concerns regarding crypto firms acquiring banking charters and whether the OCC WOULD effectively supervise them.
He expressed disapproval of such concerns, arguing that they could discourage innovations that would be beneficial to bank clients and assist the local economies. Gould mentioned that the OCC has years of experience running a national trust bank concentrating on cryptocurrencies.
Argentina seeks to solidify its position as a leader in the crypto industry
Gould claimed that the OCC often receives updates from existing national banks regarding their projects for new and innovative products and services. “This all boosts my trust in the OCC’s skill to supervise new companies and new activities of current banks fairly and consistently,” he added.
Meanwhile, as banks and financial groups raise concerns about crypto firms acquiring banking charters, recently released reports highlighted that Argentina is considering the possibility of allowing its local banks to engage more actively with cryptocurrencies. This decision marks a significant shift from the country’s previous strict rules on the crypto industry.
A report dated December 5 stated that the Banco Central de la República Argentina (BCRA), the nation’s central bank, is evaluating whether to permit traditional banks to facilitate cryptocurrency trading, according to sources familiar with the discussions.
This development comes despite the BCRA’s earlier restrictions, introduced in 2022, which prohibited banks from offering crypto trading after two major institutions in the country showed increased interest in digital-asset products.
The smartest crypto minds already read our newsletter. Want in? Join them.
