Key Highlights
- OCC Comptroller Jonathan Gould said digital asset chartering activity has increased eightfold since the Biden administration took office.
- The OCC expects to finalize its GENIUS Act rules by November.
- Gould said the agency will consider feedback from crypto companies before finalizing the framework.
The Office of the Comptroller of the Currency (OCC) is seeing a sharp increase in digital asset-related chartering activity, according to Comptroller Jonathan Gould, who said the number has risen eightfold compared with the Biden administration.
According to the journalist Eleanor Terrett X post of August 19, Gould made the comments during an appearance at the SALT Conference in Wyoming, as U.S. regulators continue working through new rules for stablecoins and other digital asset businesses.
The comments come as a growing number of digital asset firms seek federal banking charters while the OCC prepares rules to implement the GENIUS Act.
Gould says charter activity has increased eightfold
Gould said digital asset chartering activity at the OCC has increased substantially under the current administration.
“Digital asset chartering activity has increased eightfold since the Biden administration.”
He also criticized the previous administration’s approach to financial risk, describing efforts to eliminate risk as “extremely shortsighted.”
Gould did not provide a detailed breakdown of the applications behind the eightfold increase.
The rise nevertheless points to greater interest among digital asset companies in operating through federally supervised financial structures.
OCC targets November for GENIUS Act rules
The OCC is also moving toward its next major regulatory deadline.
Gould said the agency expects to finalize its GENIUS Act rules by November.
The legislation established a federal framework for payment stablecoins, including requirements covering eligible issuers, reserves and regulatory oversight.
The OCC’s rulemaking will determine how those requirements are applied in practice to institutions under its supervision.
Gould said the agency plans to consider feedback from the crypto industry before the rules are finalized.
Stablecoin reporting draws industry questions
The reporting requirements have already become a point of discussion between regulators and industry groups.
The Crypto Council for Innovation (CCI) has urged the OCC to refine its approach to stablecoin reporting, arguing that the framework should place greater emphasis on demonstrating that 1:1 reserves back payment stablecoins.
The group has also called for more consistent reporting standards and clearer requirements around market data.
The industry’s concerns center on how issuers will meet the new reporting obligations without facing overlapping or unnecessarily complex requirements.
Charter interest grows as crypto moves into banking
The increase in charter applications reflects growing interest among crypto companies in regulated structures for businesses such as custody, payments and stablecoin-related services.
A national trust bank charter can allow firms to conduct certain custody and asset-servicing activities under federal oversight. However, it does not provide the full range of powers available to traditional deposit-taking banks.
The OCC has reviewed several applications involving digital asset-focused institutions, including national trust bank structures.
The regulator has also conditionally approved a national trust bank charter for World Liberty Financial, allowing the company to pursue activities including stablecoin issuance and asset custody, subject to applicable requirements.
Regulation moves from policy to implementation
The OCC’s latest comments come at a point when U.S. crypto regulation is shifting from broad policy debates toward implementation.
The GENIUS Act now needs detailed rules, while the OCC and other regulators are working through questions around reserves, reporting, supervision, and compliance.
For stablecoin companies, the final rules could determine how they structure their operations and what information they will need to provide to regulators.
For the OCC, the combination of rising charter activity and new stablecoin rules also means that more digital asset businesses could come under direct federal supervision.
The November deadline will therefore be an important test of how the agency translates the GENIUS Act into practical requirements—and whether industry feedback leads to meaningful changes before the framework is finalized.
Also Read: White House Crypto Talks Set for Today as Industry Pushes for Long-Stalled CLARITY Act
