Since officially taking office, Trump has introduced a series of crypto-friendly policies. Recently, he nominated Jonathan Gould, former Chief Legal Officer of Bitfury, to be the Comptroller of the Currency at the Office of the Comptroller of the Currency (OCC), a position responsible for overseeing the national banking system. The nomination was submitted to the Senate on February 11 for a five-year term.

Additionally, Trump has nominated Brian Quintenz, the policy head of venture capital firm a16z, to be the Chairman of the Commodity Futures Trading Commission (CFTC).

The Significance of the OCC

The OCC is one of the most influential banking regulators in the United States. The banks it oversees control the majority of the U.S. banking industry's assets, including major institutions such as Citibank, JPMorgan Chase, and Bank of America. Given the central role of the U.S. banking system in the global financial market, OCC policies can impact international banking transactions, the U.S. dollar clearing system, and global financial stability. In recent years, the OCC has allowed national banks to provide crypto custody services and has explored the integration of stablecoins with the banking system, significantly influencing the compliant development of the crypto industry.

Industry Leaders Welcome the Appointments

Kristin Smith, CEO of the Blockchain Association, an advocacy group for the crypto industry, stated that Gould is an excellent choice for the role of Comptroller of the Currency. His experience in the crypto industry makes him well-suited to lead the agency. Avichal Garg, co-founder of Electric Capital, also noted that Gould's nomination is a positive development for fintech and cryptocurrency founders seeking better financial services.

Who is Jonathan Gould?

Jonathan Gould graduated from Princeton University and later obtained his Doctor of Jurisprudence degree. He served as the Senior Deputy Comptroller and Chief Legal Counsel at the OCC during Trump's first term (from late 2018 to mid-2021). During his tenure, Gould led the legal and licensing teams through a significant transformation period, updating the regulatory and licensing framework to adapt to the evolving banking industry. These reforms included major revisions to banking regulations, such as the implementation of the Economic Growth Act. Under his leadership, the OCC first approved licenses for fintech and cryptocurrency banks, confirming the legitimacy of crypto-related businesses.

In 2022, Gould became the Chief Legal Officer at Bitfury, a company that manufactures Bitcoin mining equipment and was valued at over $1 billion several years ago. He is currently a partner at Jones Day law firm. Gould also served as a director at BlackRock from 2014 to 2018, one of the world's largest asset management firms with over $10 trillion in assets under management (AUM) and significant influence in global financial markets.

With his expertise in law, experience in Bitcoin mining companies, and background in asset management, Gould has an impressive resume in crypto, finance, and law. If formally appointed, he could bring regulatory relief to the crypto industry. Gould recently opposed Chokepoint 2.0, a policy aimed at severing ties between crypto and banking, and advocated for fair banking access for crypto companies.

CFTC Chairman Nominee from Venture Capital

Trump also nominated Brian Quintenz, the policy head of a16z, to be the Chairman of the CFTC. The CFTC is primarily responsible for regulating the U.S. derivatives market, including futures, options, and other derivative trades related to commodities, stocks, bonds, and foreign exchange. It is also one of the key regulatory bodies overseeing the cryptocurrency space.

Brian Quintenz graduated from Duke University. From 2001 to 2007, he worked as a senior policy advisor in the office of U.S. Congresswoman Deborah Pryce. In 2013, he founded Saeculum Capital Management, focusing on risk management and technology-driven investment strategies.

In August 2017, Quintenz was nominated by Trump to be a CFTC commissioner and was confirmed by the Senate the same month. During his tenure, he led the CFTC's Technology Advisory Committee and hosted public policy discussions and briefings on cryptocurrencies. He also supported tailored, risk-adjusted regulatory policies for emerging areas such as decentralized finance (DeFi).

In September 2021, Quintenz joined Andreessen Horowitz as the policy head of its crypto division. During his time at a16z, he wrote that "it's finally time to ease up on regulation." For many, concerns over overregulation had delayed projects from using tokens to distribute control and build communities. Now, there should be more confidence in using tokens as a legitimate and compliant tool.

A New Era for Crypto Regulation?

Historically, both the SEC and CFTC have been involved in enforcement actions against the crypto industry and have debated whether certain tokens qualify as securities. Recently, Forbes business journalist Eleanor Terrett revealed that as digital asset regulation becomes a priority, the SEC and CFTC are discussing enhanced cooperation in crypto regulation. They are considering reviving the SEC-CFTC Joint Advisory Committee, which was suspended in 2014, to provide a platform for both agencies to discuss emerging regulatory issues.

Conclusion

Currently, Trump is fulfilling his pre-election promises to the crypto industry by appointing crypto-friendly officials to key regulatory positions. The previous era of strict regulation and suppression of the crypto industry may be coming to an end, and American blockchain entrepreneurs could be entering the most relaxed regulatory period in history.

Since officially taking office, Trump has introduced a series of crypto-friendly policies. Recently, he nominated Jonathan Gould, former Chief Legal Officer of Bitfury, to be the Comptroller of the Currency at the Office of the Comptroller of the Currency (OCC), a position responsible for overseeing the national banking system. The nomination was submitted to the Senate on February 11 for a five-year term.

Additionally, Trump has nominated Brian Quintenz, the policy head of venture capital firm a16z, to be the Chairman of the Commodity Futures Trading Commission (CFTC).

The Significance of the OCC

The OCC is one of the most influential banking regulators in the United States. The banks it oversees control the majority of the U.S. banking industry's assets, including major institutions such as Citibank, JPMorgan Chase, and Bank of America. Given the central role of the U.S. banking system in the global financial market, OCC policies can impact international banking transactions, the U.S. dollar clearing system, and global financial stability. In recent years, the OCC has allowed national banks to provide crypto custody services and has explored the integration of stablecoins with the banking system, significantly influencing the compliant development of the crypto industry.

Industry Leaders Welcome the Appointments

Kristin Smith, CEO of the Blockchain Association, an advocacy group for the crypto industry, stated that Gould is an excellent choice for the role of Comptroller of the Currency. His experience in the crypto industry makes him well-suited to lead the agency. Avichal Garg, co-founder of Electric Capital, also noted that Gould's nomination is a positive development for fintech and cryptocurrency founders seeking better financial services.

Who is Jonathan Gould?

Jonathan Gould graduated from Princeton University and later obtained his Doctor of Jurisprudence degree. He served as the Senior Deputy Comptroller and Chief Legal Counsel at the OCC during Trump's first term (from late 2018 to mid-2021). During his tenure, Gould led the legal and licensing teams through a significant transformation period, updating the regulatory and licensing framework to adapt to the evolving banking industry. These reforms included major revisions to banking regulations, such as the implementation of the Economic Growth Act. Under his leadership, the OCC first approved licenses for fintech and cryptocurrency banks, confirming the legitimacy of crypto-related businesses.

In 2022, Gould became the Chief Legal Officer at Bitfury, a company that manufactures Bitcoin mining equipment and was valued at over $1 billion several years ago. He is currently a partner at Jones Day law firm. Gould also served as a director at BlackRock from 2014 to 2018, one of the world's largest asset management firms with over $10 trillion in assets under management (AUM) and significant influence in global financial markets.

With his expertise in law, experience in Bitcoin mining companies, and background in asset management, Gould has an impressive resume in crypto, finance, and law. If formally appointed, he could bring regulatory relief to the crypto industry. Gould recently opposed Chokepoint 2.0, a policy aimed at severing ties between crypto and banking, and advocated for fair banking access for crypto companies.

CFTC Chairman Nominee from Venture Capital

Trump also nominated Brian Quintenz, the policy head of a16z, to be the Chairman of the CFTC. The CFTC is primarily responsible for regulating the U.S. derivatives market, including futures, options, and other derivative trades related to commodities, stocks, bonds, and foreign exchange. It is also one of the key regulatory bodies overseeing the cryptocurrency space.

Brian Quintenz graduated from Duke University. From 2001 to 2007, he worked as a senior policy advisor in the office of U.S. Congresswoman Deborah Pryce. In 2013, he founded Saeculum Capital Management, focusing on risk management and technology-driven investment strategies.

In August 2017, Quintenz was nominated by Trump to be a CFTC commissioner and was confirmed by the Senate the same month. During his tenure, he led the CFTC's Technology Advisory Committee and hosted public policy discussions and briefings on cryptocurrencies. He also supported tailored, risk-adjusted regulatory policies for emerging areas such as decentralized finance (DeFi).

In September 2021, Quintenz joined Andreessen Horowitz as the policy head of its crypto division. During his time at a16z, he wrote that "it's finally time to ease up on regulation." For many, concerns over overregulation had delayed projects from using tokens to distribute control and build communities. Now, there should be more confidence in using tokens as a legitimate and compliant tool.

A New Era for Crypto Regulation?

Historically, both the SEC and CFTC have been involved in enforcement actions against the crypto industry and have debated whether certain tokens qualify as securities. Recently, Forbes business journalist Eleanor Terrett revealed that as digital asset regulation becomes a priority, the SEC and CFTC are discussing enhanced cooperation in crypto regulation. They are considering reviving the SEC-CFTC Joint Advisory Committee, which was suspended in 2014, to provide a platform for both agencies to discuss emerging regulatory issues.

Conclusion

Currently, Trump is fulfilling his pre-election promises to the crypto industry by appointing crypto-friendly officials to key regulatory positions. The previous era of strict regulation and suppression of the crypto industry may be coming to an end, and American blockchain entrepreneurs could be entering the most relaxed regulatory period in history.