The U.S. Office of the Comptroller of the Currency (OCC) has officially issued interpretive letters allowing national banks to buy and sell their customers' cryptocurrency assets when held in custody. This development marks a significant shift from the OCC's prior restrictions and resistance to cryptocurrency involvement within the banking sector.
According to the new guidance, banks are permitted to initiate crypto transactions at the behest of their customers and can also outsource crypto-related operations, such as custody and execution services, to third-party firms. These actions must still comply with the OCC's safety and soundness standards.
The move follows a recent March reversal of previous OCC policy, which previously required banks to consult with government supervisors before entering crypto businesses. Industry professionals have highlighted this loosening as a melding of traditional banking with the crypto sector and a potential benefit to regulated crypto-native service providers.
