The Office of the Comptroller of the Currency (OCC) announced on March 7 that national banks and federal savings associations are authorized to engage in specific cryptocurrency activities. The announcement states:
The OCC published Interpretive Letter 1183 to confirm that crypto-asset custody, certain stablecoin activities, and participation in independent node verification networks such as distributed ledger are permissible for national banks and federal savings associations.
“The letter also rescinds the requirement for OCC-supervised institutions to receive supervisory nonobjection and demonstrate that they have adequate controls in place before they can engage in these cryptocurrency activities,” the banking authority added. The authority explained that it rescinded OCC Interpretive Letter 1179, issued in 2021, and withdrew its participation in two interagency statements that previously outlined crypto-related risks for banks.
The Office of the Comptroller of the Currency supervises approximately 1,200 national banks and federal savings associations, along with about 50 federal branches and agencies of foreign banks in the United States. These institutions collectively hold more than two-thirds of the total assets of all U.S. commercial banks.
Acting Comptroller of the Currency Rodney E. Hood emphasized the need for strong risk management controls while reducing regulatory burdens. “The OCC expects banks to have the same strong risk management controls in place to support novel bank activities as they do for traditional ones,” Hood stated. He also stressed the importance of fair oversight, noting:
Today’s action will reduce the burden on banks to engage in crypto-related activities and ensure that these bank activities are treated consistently by the OCC, regardless of the underlying technology.
“I will continue to work diligently to ensure regulations are effective and not excessive, while maintaining a strong federal banking system,” he added. The OCC also clarified that its oversight of crypto-asset activities will continue as part of its supervisory process, particularly relating to crypto custody, stablecoin reserves, and payments using distributed ledger technology.
The OCC’s latest action aims to reduce regulatory burdens, encourage responsible innovation, and enhance transparency within the banking sector. By rescinding previous guidance and withdrawing from interagency statements, the agency signaled a shift toward a more open approach to crypto-related banking activities. The bulletin also confirmed that community banks are included under these updated guidelines.
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