Washington, DC – Jonathan Gould in his opening weeks left the US Office of the Currency for the Currency No uncertainty about his view of the systematic process of dropping crypto people and business from banking.
“Debanking is real,” he told an audience on Wednesday at Coindesk’s policy and regulatory event in Washington, DC “It’s a real phenomenon,” he noted, adding that he heard stories as late as last week about people with business accounts who are told “We don’t want your business here.”
In his push to make the United States the cryptocenter in the world, President Donald Trump has appointed digital asset-friendly regulators like Gould to adopt his executive orders to strengthen industry. Gould said he has been busy at the start of his employment period, which dealt with degradation, turned “anti-crrypto-license conditions that we introduced” and started work on new stableCOin rules.
Earlier this week, Gould’s OCC issued a statement that said it had taken actions “to eliminate politicized or illegal degradation in the federal banking system.” While other industries with perceived risk or reputation have experienced banking difficulties, it was the cryptoins’ struggle with banks that brought this question to the head.
He said he is excited to start the “big business” by writing the rules required by the instructions and establishing national innovation for us stableecoins (Genius) ACT, under which OCC will be a federal regulator for certain United States and all foreign stableecoin issuers if tokens circulates here. The process by which cryptic businesses can licenses or charter when the banks will get closer to attention, he said, now that he has moved this week to make this feature a direct report to his office.
“We have historically or at least in the last few years-after-one more of a risk-elimination strategy where we even wanted to prevent banks from getting involved in this,” he said. Gould, a former director of Bitfury, suggested that period when OCC was reluctant to allow banks to engage in cryptic business, is over.
The traditional banking system has nervously seen StableCecoin law nervous about its potential undermining of its core deposits, but Gould said these fears are probably exaggerated, suggesting that other deposits-like products such as money market funds never killed it banks in bank.
Read more: Former Bitfury Exec Gould confirmed to take over the US banking agency OCC
