Crypto Legal Heavyweight Confirmed as OCC Chief: Senate Backs Bitfury’s Former Top Lawyer
The US Senate just handed the keys of the Office of the Comptroller of the Currency (OCC) to a crypto-native leader—former Bitfury legal chief now steering America's banking regulator. Expect fireworks.
Wall Street's old guard won't like this one bit. A blockchain-savvy enforcer at the OCC? That's like putting a vegan in charge of a steakhouse. But for an industry that still thinks 'AML' is a sports league, it's a wake-up call.
The move signals Washington's slow but inevitable embrace of crypto legitimacy—even if half the Senate still thinks DeFi is a typo. Buckle up for tighter oversight, smarter policy... and probably some hilarious congressional hearings along the way.
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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