U.S. Office of the Comptroller of the Currency Issues New Letter: U.S. Banks Authorized to Facilitate Customer Transactions in Cryptocurrencies

OCC’s New Guidance on Cryptocurrency Services for Banks

In the past, the OCC first indicated in a 2020 interpretive letter that banks could offer custodial services for cryptocurrency assets. However, it did not explicitly permit banks to “buy and sell” cryptocurrency on behalf of customers, allowing only for custody services.

Previously, if banks wanted to execute buying, selling, or holding services for clients’ cryptocurrency assets, they had to go through complex regulatory applications or obtain a “no objection” from regulators. The new letter now provides clear guidance for banks, granting them more explicit authority to engage in cryptocurrency transactions for clients, similar to traditional securities brokerage operations.

This policy adjustment comes at a time when U.S. regulatory agencies are generally easing restrictions on cryptocurrency assets, reflecting President Donald Trump’s pro-cryptocurrency policy direction. Last month, the Federal Reserve also rescinded its 2022 guidance regarding cryptocurrency and stablecoin activities, which had required banks to provide advance notice before participating in related activities, thereby limiting their involvement. At the same time, the Federal Deposit Insurance Corporation (FDIC) also revoked old guidance, clearly stating that regulated institutions could engage in “permitted” cryptocurrency activities without the need for prior approval.

The issuance of this OCC letter removes legal and regulatory barriers for banks and financial institutions looking to further engage in the digital asset market. Currently, the entire U.S. federal banking regulatory framework (OCC, Fed, FDIC) has adopted a noticeably more lenient regulatory tone. For banks, this eliminates the risk of inconsistent policies across agencies. With traditional financial institutions gaining more operational flexibility, this is expected to further promote the integration of mainstream finance and cryptocurrency assets.