- US banks can now manage crypto and outsource services.
- Occ guidance marks a return to past restrictions.
- More traditional banks can enter soon into the crypto space.
In a major policy shift, the Currency (OCC) Comptroller office has officially confirmed that national banks in the US can buy, sell, and manage crypto property under their caution. Although more significant, they are now allowed in outsource crypto custody and implementing services to third-party providers.
This new interpretive guide, issued by the acting currency comptroller Rodney E. Hood, marks a regulatory regulation. It follows the coordinated motions of other US agencies such as the Federal Reserve and FDIC, which has recently rescued previous administration letters that require banks to obtain initial approval for crypto-related activities.
Greater transition to US crypto regulation
This move effectively dismantles restrictions introduced in 2021–2022, when banks are required to obtain letters that do not cut before touching cryptocurrencies. The previous rules, viewed by many as part of the “Operation Choke Point” approach against the crypto, slowed the change and blocked many traditional institutions from entering the digital asset space.
The new OCC position changes to the more open bearing outlined in the interpretive letter 1170 from 2020, allowing banks to provide cryptocurrency keeping services. Today, with the latest update and interpretive letter 1183 from earlier this year, the OCC confirms that crypto preservation, distributed ledger activity, and Stablecoin operations are all allowed for national banks that they have provided compliance with risk management.
Traditional banks entering crypto
This policy shift is likely to encourage more traditional banks to enter the crypto arena. Many institutions are interested to offer Crypto services But lack of technical infrastructure. With the consent of the preservation and implementation of the outsource, they can be included in crypto companies-natives to bridge this space.
Critics, including Eric Trump, are labeled some Anti-Crypto banks as “slow and damaged,” further highlighting demand for change. In the OCC support, banks have a green light to modernize their services and meet the emerging customer expectations.
Highlighting Crypto news today:
Eric Trump warned banks to embrace crypto or disappear for a decade
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