The Office of the Comptroller of the Currency (OCC) has published a new interpretive letter that significantly relaxes the oversight of banks’ interactions with crypto assets. According to the new guidelines, American banks are now allowed not only to hold digital assets but also to buy and sell them on behalf of their clients.
This is reported by Business • Media
The document, presented on May 7, 2025, states that banks may:
- provide custody services for crypto assets in both fiduciary and non-fiduciary forms;
- buy and sell cryptocurrency at the request of the client;
- utilize sub-custodians and other intermediaries to provide custody and purchasing services for crypto assets to third parties.
Letter No. 1184 reaffirms previously stated provisions in Document No. 1170, which indicated that banks could offer custody services that were approved back in 2020. The new letter also refers to Document No. 1183, published in March 2025, in which the OCC rescinded the requirement for obtaining permission to engage with crypto businesses.
“These letters signal a shift in the OCC’s approach, which now appears to focus on integrating cryptocurrencies into the framework of traditional banking. Additional guidance will provide even more clarity and allow banks to re-enter this space without fearing significant regulatory risk.”
These changes have emerged against the backdrop of criticism from the previous White House administration, during which the OCC and other federal regulatory bodies were accused of imposing restrictions on the crypto sector. In December 2024, U.S. House Representative French Hill announced an investigation into such cases.
Share this article with your friends on Facebook or Telegram by clicking the button!