In a pivotal policy shift, United States Acting Comptroller of the Currency Jonathan Gould has paved the way for major cryptocurrency companies such as Ripple and Crypto.com to obtain national banking licenses. Gould is actively advocating for the integration of payment-focused crypto firms into the federal banking framework, marking a significant departure from previous regulatory barriers.
Eased Pathway to Banking Licenses for Crypto Firms
The new regulatory decisions remove a Biden-era requirement that forced banks to seek explicit authorization from regulators when interacting with digital assets. This step effectively marks the end of the strict oversight period known as “Chokepoint 2.0,” allowing crypto companies to access Federal Reserve payment systems directly and accept deposits in their own names without third-party intermediaries. As a result, a major hurdle restraining institutional capital from entering the crypto ecosystem has been eliminated.
Access to Federal Payment Networks and Industry Impact
Under Gould’s leadership, the Office of the Comptroller of the Currency (OCC) has shifted its approach from “permission first” to permitting any activity unless expressly prohibited. This enables crypto companies to use Federal Reserve payment channels such as FedNow and Fedwire, accelerating transaction speed, reducing costs, and bypassing traditional intermediaries. While the integration of stablecoins remains under review, a key report from the White House’s Digital Assets Working Group is expected by July 2025. In the meantime, the OCC is leveraging its existing authority to implement changes swiftly.
Backed by substantial campaign contributions for 2024 election candidates who support innovation, the crypto industry has helped put approximately 278 pro-crypto lawmakers in Congress, opening the door for friendlier regulation. Facing pressure as Europe accelerates MiCA regulations and more liquidity moves offshore, US regulators now aim to retain crypto market liquidity within American borders.
Jonathan Gould is actively inviting companies like Ripple and Crypto.com to apply for national banking licenses. Additionally, with the removal of the 2021 “regulatory approval” condition, processes around stablecoin and custodial services are being streamlined, Gould has announced.
Certain sector observers emphasize that in the US, the real target may not simply be the current stablecoin market, but the tokenization of traditional bank time deposits—a market far larger in scope. Caitlin Long, CEO of Custodia Bank, has emphasized the pivotal role tokenized bank deposits are likely to play in the industry’s next phase.
Rising Competition and Risks in the Banking Sector
These developments pose a direct threat to traditional banks. With crypto companies able to obtain national bank licenses, they are now positioned as not just competitors for customers, but also for deposit funds. In a countermove, five major regional banks have established the Cari Network, a blockchain-based payments platform designed to facilitate the transfer of tokenized deposits. This enables faster, more secure transactions on the blockchain.
Projections suggest the stablecoin market could reach $3 trillion from 2023 to 2030. If banks fail to offer crypto custody and stablecoin payment solutions, they may lose ground to fintech competitors in the fast-growing payment sector. Meanwhile, traditional banking lobbies are pressing for increased regulatory scrutiny, arguing that new entrants could bypass key capital requirements. Potential intervention by the US Congress could also complicate efforts to fully realize the benefits of these new banking licenses.
Despite the removal of a major legal obstacle, the sector continues to grapple with practical uncertainties and challenges as it navigates this evolving landscape.
