US regulator warns banks like Chase and PNC over crypto rejection risks
The US banking regulator has warned that traditional banks risk falling behind by rejecting crypto services. Jonathan Gould, Comptroller of the Currency, spoke at the ABA convention about the dangers of ignoring digital asset custody. His remarks came as crypto firms push for national trust charters from banks like Chase and PNC, facing strong opposition from banking groups.
Gould criticised banks that block crypto custody, calling their stance a 'recipe for irrelevance'. He argued that resisting new technologies could stall the entire banking sector. The OCC, he noted, has already supervised a 'crypto-native national trust bank' for years, proving such oversight is not unprecedented.
The OCCâs position highlights a growing divide between traditional banks like Chase and PNC and crypto firms. Gouldâs warnings suggest regulators will not easily dismiss digital asset custody as a legitimate banking function. The outcome of charter applications could reshape how banks like Chase and PNC interact with the crypto industry in the coming years.
