OCC Chief Warns Blocking Crypto Custody by Banks Will Lead to Irrelevance
OCC Comptroller Jonathan Gould stated at the Blockchain Association policy summit that restricting national trust banks from engaging in crypto custody would be a recipe for irrelevance and would hinder innovation in the sector. He highlighted that over $2 trillion in existing nonfiduciary digital asset custodial activity is managed by national trust banks, accounting for 25% of total assets under administration as of Q3 2025.
Gould defended the approval of crypto custody services, emphasizing that this would not violate OCC precedent, since national trust banks have conducted nonfiduciary custody activities since the 1970s. He noted that state trust companies in New York and South Dakota already offer digital asset custody, and banks have long held electronic rights to company shares as part of custody arrangements.
The OCC received 14 new de novo charter applications in 2025, nearly matching totals from the previous four years, with several applications involving digital asset activities or conversions into national trust banks. Notably, crypto firms such as Crypto.com, Circle, Ripple, Bridge (Stripe's stablecoin unit), and Paxos have filed for national trust charters. Erebor Bank recently received conditional approval from the OCC.
Anchorage Digital, described as a crypto-native national trust bank, had its anti-money laundering-related consent order lifted in August after regulators determined supervision was no longer necessary for safety and soundness.
Gould also suggested stablecoins could provide opportunities for community banks to compete more effectively, while warning that any stablecoin-driven deposit flight would be carefully monitored. However, some industry groups like the Independent Community Bankers of America (ICBA) and the Bank Policy Institute have urged the OCC to deny crypto charter applications from entities including Coinbase and Sony Bank Connectia Trust, citing concerns over regulatory loopholes.
