The Trump Official Ushering Crypto Into the Banking System
By Dylan Tokar | March 17, 2026
In a move shaking up the traditional financial sector, Jonathan Gould, Comptroller of the Currency and a prominent figure from the Trump administration, is paving the way for cryptocurrency companies to become banks. This initiative has stirred significant controversy and unease within the established banking industry.
Embracing Innovation in Banking
Jonathan Gould, recognized as one of the most influential banking regulators in the United States, has voiced a clear message: the banking industry must embrace innovation in order to remain relevant in a rapidly evolving financial landscape. His forward-looking stance specifically includes granting crypto firms the opportunity to enter the banking arena.
Under Gould’s leadership, crypto companies such as Ripple and Crypto.com are on the brink of gaining permission to form banks. Additionally, other kinds of companies, including those specializing in payment technologies, are encouraged to apply for banking charters. This marks a significant step toward integrating digital assets into the mainstream banking system.
Industry Backlash
However, not everyone is welcoming these changes. Traditional banks have expressed strong reservations about the move, viewing new crypto incumbents as potential rivals. A key point of contention is the perception that these newcomers are not subjected to the same rigorous regulatory scrutiny as conventional banks. This disparity raises concerns about the fairness of competition and the possible impact on the stability and security of the banking system.
Despite these concerns, Gould’s push reflects an administration-level priority to foster innovation, modernization, and inclusion of digital assets in the financial sector.
A Changing Financial Landscape
The effort to bridge crypto and traditional finance comes amid broader regulatory and legislative challenges surrounding cryptocurrency. While some welcome the increased formalization of crypto firms, others remain wary of the risks posed by these new players.
Gould’s regulatory approach could signal a turning point in how the U.S. banking system adapts to emerging technologies and digital currencies. By inviting crypto companies to become banks, his office is effectively endorsing the role digital assets can play in the future of finance.
As this development unfolds, all eyes are on how the banking industry, regulators, and lawmakers will navigate the complex terrain ahead.
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