Donald Trump Nominates Jonathan Gould, Former Crypto Executive, to Lead U.S. Banking Regulator

In a significant move that signals the growing intersection between traditional finance and the cryptocurrency industry, former Bitfury executive Jonathan Gould has been nominated by former President Donald Trump to lead the U.S. Office of the Comptroller of the Currency (OCC). Gould's nomination, submitted to the Senate on February 11, 2025, marks the latest in a series of high-profile appointments with strong ties to the crypto sector.

A Veteran of Both Traditional Finance and Crypto

Gould is no stranger to high-level financial regulation, having previously served as the OCC’s senior deputy comptroller and chief counsel during the Trump administration from 2018 to mid-2021. Before that, he was a director at BlackRock, the world’s largest asset management firm, from 2014 to 2018. More recently, Gould served as the Chief Legal Officer at Bitfury, a leading blockchain infrastructure firm, and is currently a partner at the law firm Jones Day.

The OCC, an essential part of the U.S. banking system, oversees and regulates all national banks in the Federal Reserve System, including major financial institutions like JPMorgan Chase and Bank of America. The agency’s mandate is to ensure the safety and soundness of the U.S. banking system, and Gould's extensive experience in both traditional finance and the crypto space is seen as a potential asset in navigating the evolving financial landscape.

Support from the Crypto Community

Gould’s nomination has been met with optimism, particularly from the crypto industry. Kristin Smith, CEO of the Blockchain Association, a prominent crypto advocacy group, called Gould an "excellent choice" for the role, citing his deep understanding of the crypto sector. Smith noted that Gould’s experience in blockchain infrastructure equips him with the knowledge necessary to “effectively lead the agency” and address the challenges of digital asset regulation.

Avichal Garg, co-founder of investment firm Electric Capital, also voiced support, describing Gould's nomination as a “positive development” for fintech and crypto founders. Garg highlighted Gould's stance on ensuring "fair banking access for crypto firms," emphasizing his opposition to the so-called "Operation Chokepoint 2.0," a controversial initiative that some claim seeks to restrict crypto companies' access to banking services.

Gould’s testimony before the House Financial Services Digital Assets Subcommittee in March 2023 further reinforced his position. In the hearing, he warned that overregulation could harm the ability of banks to engage with the crypto industry, potentially stifling innovation and diminishing their willingness to serve digital asset firms.

A Potential Reshaping of U.S. Banking Regulation

Gould’s nomination comes at a time of increasing scrutiny and potential restructuring within the U.S. financial regulatory landscape. Recent reports have suggested that officials within the Trump administration are exploring the possibility of consolidating the Federal Deposit Insurance Corporation (FDIC) with the OCC or shifting the FDIC's regulatory responsibilities to the OCC. Such changes could have significant implications for the future of banking and financial oversight.

In line with his broader efforts to reshape U.S. financial regulations, Trump has also nominated other crypto-friendly candidates for key roles. Brian Quintenz, a former executive at venture capital firm Andreessen Horowitz (a16z), was tapped to chair the Commodity Futures Trading Commission (CFTC), with expectations that he would advocate for pro-crypto policies. Additionally, Trump nominated John Hurley as the Treasury’s undersecretary for terrorism and financial crimes, a position that involves overseeing the department’s efforts to combat money laundering and illicit activities.

Hurley, who has previously made Bitcoin-related investments, is expected to take a balanced approach to crypto regulation—likely focusing on compliance and enforcement while maintaining an openness to innovation.

Looking Ahead: Challenges and Opportunities

If confirmed by the Senate, Jonathan Gould will serve a five-year term as Comptroller of the Currency, a position that could play a pivotal role in shaping the future of both traditional banking and the growing digital asset market. His dual expertise in financial regulation and cryptocurrency could allow him to bridge the gap between two often disparate industries, ensuring that U.S. financial institutions can innovate while remaining secure and compliant.

However, his nomination also places him at the center of ongoing debates over the future of crypto regulation in the U.S. As the regulatory environment continues to evolve, Gould's leadership at the OCC will be crucial in determining how the country’s banking system adapts to the rise of digital currencies and blockchain technologies.

With crypto advocacy groups expressing support and traditional financial institutions closely monitoring the situation, Gould’s confirmation could signal a new chapter in U.S. banking regulation—one, one that is increasingly shaped by the growing influence of digital assets.