U.S. OCC Chief: No Reason to Treat Banks and Crypto Institutions Differently

Odaily Planet Daily News: Jonathan Gould, head of the US Office of the Comptroller of the Currency (OCC), stated that crypto companies applying for federal banking licenses should receive “equal treatment” as traditional institutions, and there is no reason for artificial regulatory distinctions. He noted that digital asset custody and secure storage are not new concepts, and electronic business in this area “has been ongoing for decades.” Gould emphasized that the banking system has the capability to evolve from the “telegraph era to the blockchain era” and should not be confined to outdated technological and business frameworks. He revealed that the OCC has received 14 new bank applications so far this year, including new business entities involving digital assets, which is nearly equal to the total number of similar applications in the past four years combined, indicating a significant rise in demand. Gould believes that allowing institutions engaged in crypto and innovative technologies to obtain federal regulation is a necessary step to ensure the financial system continues to develop in sync with the modern economy. He also responded to concerns from some banks about crypto companies obtaining licenses, stating that the regulatory framework is fully capable of supervising them. (Cointelegraph)