8-3-2025 – The Office of the Comptroller of the Currency (OCC) issued a clarification on Friday that permits federally regulated banks to participate in a range of cryptocurrency activities without seeking advance authorisation.
According to the freshly published interpretive letter, national banks and federal savings associations now have explicit permission to provide cryptocurrency custody services, engage in specific stablecoin-related operations, and manage network nodes.
Acting Comptroller Rodney E. Hood emphasised that whilst embracing these innovative activities, the OCC maintains stringent expectations: “Banks must implement equally robust risk management frameworks for novel activities as they maintain for conventional banking operations.”
The regulatory body noted that this decision will alleviate burdens on financial institutions already involved in cryptocurrency ventures and ensures consistent regulatory treatment regardless of technological implementations.
The announcement marks a significant policy shift, as the OCC simultaneously rescinded guidance established during President Biden’s administration that had imposed additional hurdles for banks wishing to engage with digital assets. Previous directives had required financial institutions to consult their supervisors before undertaking cryptocurrency initiatives, provide comprehensive risk management strategies, and secure explicit approval prior to launching such services.
In a further regulatory easing, the OCC eliminated joint statements from American financial regulators that had previously cautioned banks against cryptocurrency engagement. While a 2023 statement stopped short of an outright prohibition on cryptocurrency business, it had warned about the sector’s volatility and signalled heightened regulatory scrutiny for banks entering the space.
This regulatory clarification coincided with a White House summit on cryptocurrency, occurring just hours after President Trump signed an executive order establishing a strategic reserve for bitcoin and other digital currencies—reflecting a broader shift in the official American stance towards the cryptocurrency sector.
