OCC Allows Banks to Provide Crypto Custody and Stablecoin Services
The Office of the Comptroller of the Currency (OCC) issued a new interpretive letter allowing federally regulated banks to engage in various cryptocurrency activities without prior approval. Key points include:
- National banks and federal savings associations can provide crypto custody.
- They can conduct specific stablecoin-related activities.
- Banks are permitted to run crypto nodes.
Acting Comptroller Rodney E. Hood emphasized the need for strong risk management controls for these activities, similar to those for traditional banking. The OCC aims to reduce operational burdens for banks engaging in crypto, ensuring consistent regulatory treatment.
The OCC also retracted a previous statement regarding liquidity risks from crypto, indicating a shift in stance on the potential impact of the crypto industry on financial stability.