The Trump administration is accelerating executive initiatives aimed at strengthening the cryptocurrency sector, even as comprehensive regulatory legislation remains stalled in the Senate.
At a White House gathering with crypto industry leaders on Wednesday, President Trump pressed Congress to overcome its impasse on the Clarity Act, noting that the proposal is blocked by contentious ethics provisions intended to curb government officials from profiting from digital assets. He urged the sector to collaborate with regulators to advance its growth.
The session was attended by roughly two dozen participants, among them Securities and Exchange Commission Chair Paul Atkins, Commodity Futures Trading Commission Chair Mike Selig, and the chief executives of Coinbase (COIN) and Robinhood (HOOD), as well as Tyler and Cameron Winklevoss. (Disclosure: Yahoo Finance has a partnership with Coinbase.)
The forthcoming OCC regulations are essential for the issuance of payment stablecoins, according to TD Cowen analyst Jaret Seiberg.
He also indicated that the rules could benefit banks. The OCC has proposed closing loopholes that would allow stablecoin issuers to pay interest to users.
‘We are moving forward with great speed,’ Gould remarked at the Wyoming Blockchain Summit, expressing appreciation for the feedback received on the proposal and confirming that revisions will be incorporated into the final rule.
Gould noted that over the past 18 months the OCC has received 40 applications for new bank charters, more than half of which involve digital asset activities, representing an eightfold increase from the previous administration.
‘It has become routine to incorporate payment stablecoins and related activities into the business plans now being presented to the OCC for review,’ Gould said.
The OCC’s initiative coincides with broader regulatory changes in Washington, where the SEC this week proposed rules that would enable startups to raise capital via token offerings without undergoing traditional securities registration.
‘This is positive and long overdue in the crypto space,’ TD Cowen analyst Jaret Seiberg observed. ‘It offers a roadmap not only for using tokens to raise capital but also for how tokens can lose their status as securities when a project becomes decentralized.’
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