President Donald Trump has named the key figures he is about to enter the financial regulation post dictating future surveillance of the crypto industry. US Bank.
The president is reportedly appointing a federal deposit insurance company in a widely circulated White House nomination document that shows Trump settled in Gould, the partner of Jonesday, a top OCC lawyer and former crypto enforcer. Masu. Slate is pretty much clear to run the Jonathan McCernan Consumer Financial Protection Bureau.
Gould worked briefly as Chief Legal Officer for BitFree, a blockchain technology company, after leaving the OCC as deputy deputy secretary and chief lawyer during the first Trump administration. At Bitfury, he worked for CEO Brian Brooks. Brian Brooks tried to make it permanent when Trump once set up at the OCC as acting chief. At the OCC, Brooks worked to open US banking for crypto companies, and he elevated Anchorage Digital as the first and only crypto bank to charter by an agency. Now, the industry is looking to see if Gould follows in those footsteps.
“In the case of cryptography, we believe Gould can try to revive the concept of a limited purpose national bank charter,” said Jaret Seiberg, policy analyst at TD Cowen, to his client on Wednesday. It is stated in a memo. “It could lead to banks that specialize in crypto, and he believes that they will allow banks to become more involved in crypto, including those that are stable.”
Rodney Hood, former Republican National Credit Union Chief, was placed as Trump’s temporary director and replaced by Gould if he won the Senate confirmation. Temporary Republican alternatives like Hood currently lead most financial regulators, including banking institutions, the FDIC and the OCC. A pair of market regulators, the Securities and Exchange Commission, and the Commodity Futures Trading Commission. Consumer Watchdog CFPB.
At the CFPB, the Trump administration’s efforts were guiled regulators with the allocation of the Budget Director as interim leaders elicited fierce protests from Congressional Democrats. Now he has finally announced the name he wants to replace with Vought there: McKernan, a member of the Republican Party of the FDIC. McCernan was on staff for former Senator Pat Tohmey, a Republican who led the early (failed) charges to acquire US-regulated stubcoin.
Ian Katz, a veteran financial regulatory analyst in Washington, has reported on the OCC’s “traditional” Gould’s “traditional” pick and other recent ones for the permanent chief of the Consumer Financial Protection Bureau, which probably doesn’t disrupt feathers. I focused on the options. among the US Senators who evaluate their nominations. The relatively sedative choice appears to be intimately close to Trump’s model of financial regulators during his first term: no dramatic surprises.
Unlike some of Trump’s personnel decisions in his cabinet and other agencies, the options are experienced, including the selection of longtime securities consultant and former commissioner Paul Atkins running the Securities and Exchange Commission. There are no political fire bonds. Virtually every name (names appointed to temporary and permanent roles) have a cryptographic background or demonstrates support.
The Senate still has to check all these candidates, and the process often takes several months in the first year of the president. Sometimes confirmations fail completely, and the agency remains heads of action, as the OCC was during the Biden administration.
Meanwhile, Trump also chose former commissioner Brian Quintz to run the CFTC. There, sitting Caroline Femme holds the fort down and changes the main agency as deputy chair. So far, Pham and other acting agency managers have already started their jobs to overhaul the crypto policy of the Biden era.
Quintenz said in a post on social media site X on Wednesday that CFTC is “possessed to ensure that the US leads the world in blockchain technology and innovation.”
Update (February 12, 2025, 17:26 UTC): Add a comment from Quintenz about CFTC nominations.
