OCC Chief Defends Crypto Custody, Warns Against Relevance
Update: 2025-12-09
Description
The Comptroller of the Currency, Jonathan Gould, warns against blocking banks from offering crypto custody services, stating its a recipe for irrelevance. He defends over two trillion dollars in existing digital custodial activity, emphasizing banks need to evolve with new technologies. Despite opposition from some industry groups and banking associations, Gould argues that national trust banks have been involved in non-fiduciary custody activities since the 1970s, with nearly two trillion dollars in non-fiduciary custodial assets reported in the third quarter of this year. He concludes that theres no justification for treating digital assets differently from other electronic rights, and the OCC will resist efforts to undermine the federal banking systems adaptability.
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