The US Workplace of the Comptroller of the Foreign money (OCC) has confirmed banks underneath its jurisdiction can commerce crypto on behalf of consumers and outsource some crypto actions to 3rd events.
Appearing comptroller Rodney Hood said in a Could 7 letter that banks and federal financial savings associations can buy and sell crypto they maintain in custody at clients’ path.
The OCC added in a press launch that monetary establishments may outsource bank-permissible crypto activities, together with custody and execution providers, to 3rd events in compliance with relevant legislation.
“Moreover, these banks could present different custody providers, together with file protecting, tax or reporting providers for his or her clients,” Hood said in a Could 7 video posted to X.
OCC-regulated banks could purchase and promote property held in custody and are permitted to outsource bank-permissible crypto-asset actions, together with custody and execution providers. https://t.co/0ScQdgNaS6 pic.twitter.com/J5dEkx4WUL
— OCC (@USOCC) May 7, 2025
“OCC banks could use a sub-custodian to supply the identical providers topic to acceptable third-party danger administration practices, whereas a variety of cryptocurrency and digital asset actions could also be carried out by banks and their third events,” he added.
Beforehand, the OCC eased its stance on how banks can engage with crypto on March 7 by giving the inexperienced gentle for crypto-asset custody, some stablecoin actions, and participation in impartial node verification networks resembling distributed ledgers.
“Greater than 50 million Individuals maintain some type of cryptocurrency. This digitalization of monetary providers will not be a pattern; it’s a transformation,” Hood mentioned.
The OCC is an impartial bureau inside the US Division of the Treasury that regulates and supervises all nationwide banks and likewise the federal branches of international banks.
Business helps the OCC letters
Katherine Kirkpatrick Bos, basic counsel at ZK-rollup developer StarkWare, said the letters sign a “shift within the OCC’s strategy,” which now seems to favor a give attention to integrating crypto inside banking frameworks.
“Extra steerage will give additional readability [and] will permit banks to re-enter crypto [without] the worry of existential regulatory danger,” she mentioned.
She added the OCC’s “specific permission in the present day permitting banks to outsource bank-permissible crypto-assets is a boon to regulated crypto native service suppliers.”
Chief coverage officer at crypto alternate Coinbase, Faryar Shirzad, additionally applauded the transfer, saying in a Could 7 submit to X, Hood’s dedication to “regulatory readability, in addition to his adherence to supervisory finest practices and the letter of the legislation,” is appreciated.
The Trump administration has taken a friendlier attitude toward crypto since coming into energy in January.
Associated: The lessons learned at Operation Chokepoint 2.0 Congressional hearings
In April, the US Federal Reserve announced it was withdrawing guidance that was created to discourage banks from partaking in crypto and stablecoin actions.
US President Donald Trump additionally signed a joint congressional resolution on April 11, overturning a Biden administration-era rule that will have required decentralized finance protocols to report transactions to the Inside Income Service.
Journal: SEC’s U-turn on crypto leaves key questions unanswered
