The Donald Trump administration has sparked controversy by paving the way for cryptocurrency companies to enter the trust banking business while significantly easing crypto-related regulations since last year. Trust banks are financial institutions that perform limited functions such as asset custody without deposit and lending capabilities, but traditional banks are expressing discontent over crypto firms’ integration into the regulated financial system. According to The Wall Street Journal on the 17th (local time), Jonathan Gould, Comptroller of the Currency at the Office of the Comptroller of the Currency (OCC), emphasized in an interview with the publication that day, “I take a broad view of what a bank is.” Gould, who served as the OCC’s chief counsel during the first Trump administration, was appointed to lead the agency when the second administration launched last year.
He has since actively supported cryptocurrency companies’ entry into the financial sector. In December last year, he granted preliminary approval for trust bank charters to five companies including Ripple and Circle, and sent similar positive signals to Crypto.com last month. Actual operations can begin only after final review. Kraken secured access to the Federal Reserve’s master account payment network this month, drawing opposition from banking groups.
On January 15, World Liberty Financial (WLF), led by the Trump family, even applied to the OCC for a trust bank charter. This has drawn criticism questioning whether cryptocurrency deregulation is a means for the presidential family to pursue personal gain, particularly following President Trump’s signing of the GENIUS Act in July last year, which brings stablecoins into the regulated financial system. When questioned about this at a Senate hearing late last month, Comptroller Gould expressed frustration at the premise that President Trump would engage in inappropriate or illegal conduct. Gould argued that the trend of easing financial entry regulations for crypto companies reflects structural changes in the banking industry.
“From the perspective of the banking system, new entrants are not something to fear,” Gould emphasized. The Trump administration has moved to facilitate the entry of cryptocurrency firms into the trust banking space, while broadening crypto-friendly regulations that have drawn both support and criticism from within the financial sector. Trust banks, which perform custody-related duties without deposits or lending, are seen by some traditional banks as a potential disruptor to the regulated financial framework. In public remarks, OCC Comptroller Jonathan Gould pointed to a broad interpretation of what constitutes a bank, signaling ongoing support for crypto industry entrants.
He noted that preliminary trust bank charter approvals have been granted to multiple firms, with further positive signals extended to other players, though actual operations await final review. Kraken gained access to the Federal Reserve’s master account payment network this month, drawing opposition from traditional banking groups. The GENIUS Act, which aims to bring stablecoins into the regulated system, adds to the regulatory debate, while World Liberty Financial (WLF) — led by the Trump family — filed for a trust bank charter. Gould argues that easing entry barriers reflects structural shifts in banking and maintains that new entrants are not inherently risky, underscoring the administration’s stance that crypto-sector participation advances within the existing financial infrastructure.
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