While New Yorkis taking a closer look at its crypto activities, Jonathan Gould was nominated by Donald Trump to lead the OCC. The OCC oversees and regulates national banks that are part of the Federal Reserve System. Meanwhile, Franklin Templeton expanded its OnChain US Government Money Fund (FOBXX) to Solana due to the blockchain’s growing institutional adoption. New York Lawmakers Consider Crypto Task Force New York state Senator James Sanders Jr introduced a new bill proposing the creation of a cryptocurrency task force to investigate the current state of digital assets in the state. The New York State Cryptocurrency and Blockchain Study Act was introduced on Feb. 12, and it aims to establish a 17-member task force to analyze the impact of cryptocurrencies, their adoption, and their effects on tax receipts at both the state and local levels. (Source: The New York State Senate ) According to the bill’s description, the task force will assess the number of digital currencies being traded, the number of cryptocurrency exchanges operating in New York, and the broader implications of crypto on the state's financial ecosystem. Additionally, the task force identified key priorities like the environmental impact of cryptocurrency mining, energy consumption, and how New York’s regulatory framework compares to other jurisdictions. If the bill is enacted, task force members will be appointed within 90 days and will be expected to deliver a comprehensive report on their findings before Dec. 15 of 2027. This report will include recommendations for legislative and regulatory measures that could enhance transparency, security, and consumer protection while also addressing the long-term effects of crypto adoption. Currently, the bill is still under committee review and has to undergo floor debates and votes in both the New York Senate and Assembly before it can be signed into law by the governor. New York has long been regarded as a major hub for the crypto industry, yet its regulatory landscape has faced a lot of criticism. The BitLicense program was introduced in 2015, and it requires crypto businesses to get approval from the New York Department of Financial Services to operate in the state. However, industry players and even pro-crypto New York City Mayor Eric Adams argued that the framework is overly restrictive because of its high licensing costs and stringent compliance requirements. Across the United States, interest in cryptocurrency legislation is growing. In fact, more than 20 states are actively considering new bills related to digital assets. Arizona and Utah have already advanced legislation beyond the House committee level. States considering crypto (Source: Bitcoin Reserve Monitor ) Asset manager VanEck suggested that if all proposed state-level crypto bills were to pass, it could generate an estimated $23 billion in additional demand for Bitcoin. Meanwhile, institutional adoption of Bitcoin is also rising as over 100 public entities, including governments and private companies, are accumulating Bitcoin as a hedge against inflation. Trump Nominates Former Crypto Executive to Lead OCC Meanwhile, former crypto firm executive Jonathan Gould was nominated by US President Donald Trump to lead the Office of the Comptroller of the Currency (OCC), which is the country’s bank regulator. The White House submitted Gould’s nomination to the Senate on Feb. 11, and if confirmed, he will serve a five-year term as Comptroller of the Currency. (Source: Congress.gov ) Gould previously served as the OCC’s senior deputy comptroller and chief counsel from late 2018 to mid-2021 during Trump’s first administration. Before that, he was a director at BlackRock from 2014 to 2018. More recently, he worked as the chief legal officer of blockchain infrastructure firm Bitfury and is currently a partner at the law firm Jones Day . The OCC oversees and regulates national banks that are part of the Federal Reserve System, including major institutions like JPMorgan Chase and Bank of America. Overall, it ensures the safety and stability of the US banking system. Kristin Smith , CEO of the Blockchain Association, welcomed Gould’s nomination by stating that he is an excellent choice for the role and has the experience necessary to effectively lead the agency. Avichal Garg , co-founder of investment firm Electric Capital, called the nomination a positive development for fintech and crypto companies due to the fact that Gould supports fair banking access for crypto firms and is opposed to what the industry calls Operation Chokepoint 2.0. This term refers to claims that the Biden administration wanted to cut off crypto firms from banking services. Gould previously shared his concerns about regulatory actions stifling banks’ willingness to engage with crypto businesses. In March of 2023, during a House Financial Services Digital Assets Subcommittee hearing, he warned that certain regulatory measures could have a chilling effect on banks' ability to work with digital asset entities. His nomination comes as Trump administration officials are reportedly exploring whether to merge the Federal Deposit Insurance Corporation (FDIC) with the Treasury Department or consolidate its regulatory role with the OCC, according to The Wall Street Journal. This nomination is also part of a broader trend of Trump selecting people with crypto industry ties for key financial regulatory positions. Brian Quintenz , head of policy for Andreessen Horowitz’s crypto division, was also recently nominated to chair the Commodity Futures Trading Commission (CFTC). If confirmed, he is expected to advocate for the CFTC to take the lead in crypto regulation over the Securities and Exchange Commission (SEC). Another important nomination is John Hurley , who was tapped to serve as the Treasury’s undersecretary for terrorism and financial crimes. Hurley reportedly invested in Bitcoin, and is expected to focus on anti-money laundering enforcement and stablecoin oversight. Franklin Templeton Launches FOBXX on Solana Franklin Templeton, a leading US-based financial services company, announced the launch of its OnChain US Government Money Fund (FOBXX) on Solana. The fund was originally launched in 2021, and FOBXX primarily invests in US government securities, cash, and fully collateralized repurchase agreements, offering minimal credit risk. As of Jan. 31 of 2025, the fund managed $512 million in assets, with a seven-day effective yield of 4.2%. A Franklin Templeton representative shared that the decision to expand to Solana aligns with the blockchain’s growing institutional adoption. The fund is already available on multiple networks, including Ethereum and Avalanche, as well as layer-2 solutions like Arbitrum, Base, Polygon, and Aptos. It is recognized as the first US mutual fund to use blockchain for record-keeping and transaction processing, with each BENJI token representing one share in the fund. The launch of FOBXX on Solana happened after the recent debut of another tokenized institutional investment fund, the Apollo Diversified Credit Securitize Fund, on the same blockchain. Franklin Templeton has been actively expanding its presence in the digital asset sector, and even launched Bitcoin and Ethereum exchange-traded funds (ETFs) in early 2024. It is also currently seeking approval from the SEC for a Crypto Index ETF. In addition to expanding its tokenized asset offerings, Franklin Templeton has been increasing its involvement with Solana as well. On Feb. 10, the firm registered a trust in Delaware linked to a Solana ETF. However, there are still some regulatory hurdles that need to be overcome as lawsuits continue to challenge whether SOL should be classified as an unregistered security.
