The heads of the two major regulatory agencies are all "insiders." Is a new era of cryptocurrency regulation beginning?
So who exactly is Gould to receive such high praise?Author: 1912212.eth, Foresight News
Since officially taking office in the White House, Trump has frequently introduced favorable policies. Recently, Trump nominated former Bitfury Chief Legal Officer Jonathan Gould to serve as the Director of the Office of the Comptroller of the Currency (OCC), responsible for regulating the national banking system. This nomination was submitted to the Senate on February 11, with a term of five years.
In addition, he also nominated a16z policy head Brian Quintenz as the Chairman of the Commodity Futures Trading Commission.
The influence of the OCC cannot be underestimated, as it is one of the most powerful banking regulatory agencies in the United States. The banks regulated by the OCC control a significant portion of the assets in the U.S. banking industry, including major banks such as Citibank, JPMorgan Chase, and Bank of America. Given the central position of the U.S. banking system in the global financial market, the OCC's policies will affect international interbank transactions, the U.S. dollar clearing system, and global financial stability. In recent years, the OCC has allowed national banks to provide cryptocurrency custody services and explored the integration of stablecoins with the banking system, which has far-reaching implications for the compliant development of the cryptocurrency industry.
Kristin Smith, CEO of the Blockchain Association, a cryptocurrency advocacy organization, stated that Gould is an excellent candidate for the OCC Director position, and his experience in the cryptocurrency industry enables him to effectively lead the agency. Avichal Garg, co-founder of Electric Capital, also expressed that Gould's nomination is a very positive development for fintech and cryptocurrency founders seeking better financial services.
So who exactly is Gould, to receive such high praise?
Impressive Background in Crypto, Law, and Financial Management
Gould graduated from Princeton University and later obtained a Juris Doctor degree. During Trump's first term (from late 2018 to mid-2021), he served as the Senior Deputy Comptroller and Chief Legal Counsel of the OCC. Records show that during his tenure at the OCC, Jonathan led the legal and licensing team through a significant period of transformation, pushing the agency to update its regulatory and licensing framework to adapt to the evolution of the banking industry. These reforms included major revisions to banking regulations, involving the implementation of the Economic Growth Act, among others. Under his leadership, the OCC was the first to approve licenses for fintech and cryptocurrency banks, confirming the legality of crypto-related businesses.
In 2022, Gould became the Chief Legal Officer of Bitfury, a company that produces Bitcoin mining equipment and was valued at $1 billion several years ago. Gould is currently a partner at the law firm Jones Day.
He also served as a director at BlackRock from 2014 to 2018. BlackRock is one of the largest asset management companies in the world, currently managing over $10 trillion in assets, holding a significant position in the global financial market.
Gould is well-versed in law and has held positions in a Bitcoin mining company and at asset management giant BlackRock, with solid credentials in crypto, finance, and law. If formally appointed, the crypto industry may see a relaxation of regulations. Recently, Gould opposed Chokepoint 2.0 (which aims to sever ties between crypto and banks) and expressed a desire to provide fair access to banking services for crypto companies.
CFTC Chairman Nomination from a16z's Policy Head
Recently, Trump also nominated a16z policy head Brian Quintenz as the Chairman of the Commodity Futures Trading Commission (CFTC). The former CFTC Chairman has stepped down, and Caroline Pham, nominated by Trump, is currently serving as the acting chair. Earlier this year, Trump's team interviewed several candidates, including CFTC Commissioner Summer Mersinger and former Kraken Chief Legal Officer Marco Santori, but ultimately chose Brian Quintenz.
The primary function of the CFTC is to regulate the U.S. derivatives markets, particularly futures, options, and other derivative trading, which includes futures and options contracts related to commodities, stocks, bonds, and foreign exchange. It is also one of the most important regulatory bodies concerning the cryptocurrency sector.
Brian Quintenz graduated from Duke University. From 2001 to 2007, Quintenz worked in the office of U.S. Congresswoman Deborah Pryce as a senior policy advisor. In 2013, he founded Saeculum Capital Management, focusing on risk management and technical analysis investment strategies.
In August 2017, Brian was nominated by Trump as a CFTC Commissioner and was confirmed by the U.S. Senate in 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 the development of tailored risk-adjusted regulatory policies for emerging areas such as decentralized finance (DeFi).
In September 2021, Brian joined Andreessen Horowitz as the policy head of the crypto department.
During his time at a16z, Brian recently wrote that "when it comes to regulation, we can finally relax." For many, concerns about overregulation have led projects to delay using tokens to allocate project control and build communities. Now, there should be more confidence in using tokens as legitimate and compliant tools for projects.
It is worth mentioning that after being nominated as the next CFTC Chairman, Brian tweeted in response that the CFTC plays a key role in market price discovery. The agency is also prepared to ensure that the U.S. remains a world leader in blockchain technology and innovation. "I look forward to working with President Trump’s financial regulatory team."
In the past, both the SEC and CFTC have been involved in enforcement actions regarding the cryptocurrency industry, and they have also been at odds over whether certain tokens qualify as securities. Recently, Forbes business reporter Eleanor Terrett revealed that as digital asset regulation becomes a priority, the SEC and CFTC are discussing strengthening cooperation on cryptocurrency regulation and considering restarting the SEC-CFTC Joint Advisory Committee, which has been inactive since 2014, to provide a discussion platform for both agencies on emerging regulatory issues.
Conclusion
Currently, it appears that Trump is practicing his consistently friendly attitude toward the cryptocurrency industry since taking office. Several high-ranking government officials and regulatory heads are pro-crypto individuals. The past shadow of strict regulation and suppression of the cryptocurrency industry may dissipate, and a number of U.S. blockchain entrepreneurs may welcome an era of the most lenient policies.
