The U.S. Office of the Comptroller of the Currency (OCC) has announced that federally regulated banks can now engage in certain cryptocurrency and stablecoin-related activities without requiring prior approval. The statement came in a new interpretive letter and accompanying memorandum published by the agency.
According to the OCC, national banks and federal savings associations are legally allowed to provide crypto custody services, conduct certain stablecoin activities, and operate blockchain nodes. The move is expected to provide regulatory certainty for banks exploring digital asset services.
“The OCC expects banks to have the same strong risk management controls in place to support new banking activities as they do for traditional banking activities,” Acting Comptroller of the Currency Rodney E. Hood said. Hood noted that the decision reduces regulatory burdens while ensuring consistent oversight of crypto-related banking activities.
In a notable policy shift, the OCC has also withdrawn a 2023 statement that warned of liquidity risks related to banks’ involvement with cryptocurrencies. The reversal signals a softened stance on potential financial stability concerns related to the digital asset sector.
These decisions by the OCC came after US President Donald Trump made cryptocurrency-friendly statements yesterday.
*This is not investment advice.
