OCC Says Banks Can Custody Cryptocurrency, Certain Stablecoin Activities
OCC waives compliance and oversight requirements for banks engaged in cryptocurrency activities in new guidance letter
Sam Reynolds | Edited by Aoyon Ashraf on March 7, 2025, 22:32 UTC
Key points:
- The Office of the Comptroller of the Currency (OCC) announced that federally regulated banks can conduct various cryptocurrency-related transactions without prior approval.
- The OCC has rescinded its previous 2023 statement on cryptocurrency-related liquidity risks for banks, signaling a shift in its previous concerns about the industry's impact on financial stability.
Federally regulated banks can conduct many cryptocurrency transactions without requiring prior approval, according to a new OCC guidance letter and statement.
In a new guidance letter, the OCC clarified that national banks and federal savings associations can legally provide cryptocurrency custody services, conduct certain stablecoin-related transactions, and operate nodes.
“The OCC expects banks to apply the same rigorous risk management controls to support new banking activities as they do to traditional banking activities,” said Acting Comptroller of the Currency Rodney E. Hood.
“These measures will reduce the burden on banks associated with cryptocurrency activity and ensure that the OCC treats these banking activities equally, regardless of the technology used.”
As part of this new interpretive letter, the OCC rescinded its previous statement from 2023 on cryptocurrency-related liquidity risks for banks, signaling a shift in focus away from previous concerns about the industry's impact on financial stability.
