Top U.S. Banking Regulator Gould Says Crypto Debanking 'Is Real'

Core Viewpoint - The U.S. Office of the Comptroller of the Currency (OCC) is actively addressing the issue of "debanking" within the crypto industry, aiming to reverse previous restrictive measures and establish a more favorable regulatory environment for digital assets [2][3][5]. Group 1: Debanking and Regulatory Changes - Jonathan Gould, the new head of the OCC, acknowledged the reality of "debanking," where crypto businesses face challenges in maintaining banking relationships [2][3]. - The OCC has taken steps to eliminate politicized or unlawful debanking practices in the federal banking system, particularly affecting the crypto sector [3]. - Gould emphasized a shift from a risk-elimination strategy to a more supportive approach for banks engaging with crypto businesses [5]. Group 2: Stablecoin Regulations - The OCC is initiating the process of writing rules under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which will regulate both U.S. and foreign stablecoin issuers [4]. - Concerns from the traditional banking system regarding the potential impact of stablecoin regulations on core deposit businesses are considered to be exaggerated by Gould [6].