2025-03-08
On March 7, 2024, the Office of the
Comptroller of the Currency (OCC) has officially stated that banks can
participate in various cryptocurrency activities.
A new OCC interpretive letter (Letter
1183) confirms that national banks and federal savings associations are allowed
to:
The OCC also removed a previous rule
that required banks to get special approval before engaging in crypto
activities.
Rodney Hood, Acting Comptroller of the
Currency, said this change will make it easier for banks to handle crypto while
ensuring they follow strong risk management rules—just like they do for
traditional banking.
At a White House crypto summit, former
President Donald Trump called for an end to "crypto debanking," where
banks refuse services to crypto businesses. He criticized the Biden
administration for pressuring banks to cut ties with crypto companies.
Trump also called for stopping "Operation
Choke Point 2.0," a term used to describe government efforts to limit
crypto banking after the collapse of the FTX exchange.
Senator Tim Scott, who introduced a
bill to stop crypto debanking, welcomed the OCC’s decision.
He praised Hood for removing barriers
that made it harder for crypto companies to access banking services, saying the
U.S. should aim to be "the crypto capital of the world."
This policy marks a major shift in U.S.
banking policy, making it easier for financial institutions to work with
digital assets.
