President Donald Trump has almost finished naming the most important figures he seeks to enter the financial regulatory tasks that will direct the future supervision of the crypto industry, now including lawyer Jonathan Gould as a nominated to run the office of the currency, that monitors the US National Banks.
With a broad circulated document on the Nomination of the White House showing that Trump has settled on Gould, a partner at the law firm Jones Day, a top lawyer at OCC and a former crypto director, and the president will allegedly nominate Federal Deposit Insurance Corp.’s Jonathan McKernan To run the consumer’s financial protection agency, slate is almost ready.
Gold had briefly worked as Chief Legal Officer for Blockchain Technology Company Bitfury after leaving OCC as senior viceroy and chief attorney during the first Trump administration. In Bitfury, he worked for CEO Brian Brooks, whom Trump once installed on OCC as a functioning controller and also tried to make it permanent. At OCC, Brooks worked to open US banking for cryptic businesses, and he raised Anchorage Digital as the first and only Crypto Bank chartered by the agency. Now the industry will find out if Gould will follow in these footprints.
“For Crypto, we believe Gould could try to revive the concept of a limited national bank charter,” said Jaret Seiberg, a policy analyst at TD Cowen, in a note to clients on Wednesday. “It can lead to banks specialized in crypto. We also think he would allow banks to become more involved in crypto including stableecoins.”
Rodney Hood, a former Republican Head of the National Credit Union Association, had been placed as Trump’s temporary controller and would be replaced by Gould if he wins his Senate’s confirmation. Temporary Republican replacements like Hood are now leading most of the financial regulators, including banking agencies, FDIC and OCC; Paired with markets regulators, securities and exchange commissions and the committee committee for raw materials; and Consumer Watchdog CFPB.
At CFPB, the Trump administration is efforts to get the regulator with the award of his budget director, Russ Vought, as its temporary leader has drawn strong protests from the Congress Democrats. Now he has announced the name he will eventually replace Vought there: McKernan, a Republican member of the FDIC. McKernan had served as employee of former senator Pat Toomey, a Republican who had led an early (failed) prosecution of getting stableecoin regulated in the US
Ian Katz, a veteran-financial regulatory analyst in Washington, noticed the “conventional” choice of Gould for OCC and the other recent elections for permanent heads of Commodity Futures Trading Commission and Consumer Financial Protection Bureau, which is likely to not flaw feathers among US senators that will evaluate their nominations. The relatively soothing choices seem to chop close to Trump’s model for financial regulators in his first period: no dramatic surprises.
Unlike some of Trump’s staff decisions in his cabinet and other agencies, the elections are experienced and are absent political fire brands, including the election of long -time securities church consultant and former Commissioner Paul Atkins to run Securities and Exchange Commission. Almost all the names – temporary and those nominated for permanent roles – have crypto backgrounds or have shown support.
The Senate still needs to confirm all these nominees, and this process often takes months into the first year of an incoming president. Sometimes the affirmations completely fail and agencies are left with permanently functioning heads, just as OCC was under the bit administration.
Meanwhile, Trump also chose former commissioner Brian Quintenz to run CFTC, where sitting commissioner Caroline Pham has kept the fort and made major agency changes as acting chairman. So far, Pham and other acting agency executives have already started working to review the Biden-Era crypto policy.
Quintenz said in a post on social media Site X on Wednesday that CFTC will be “well ready to make sure the United States is leading the world in blockchain technology and innovation.”
Update (February 12, 2025, 17:26 UTC): Adds comment from Quintenz about CFTC nomination.