The Office of the Comptroller of the Currency (OCC) is easing its stance on how US banks deal with crypto and stablecoin activities.
In a new press release, the regulatory agency says that banks now have the green light to manage crypto assets, partake in certain stablecoin activities and participate in node verification networks.
Furthermore, the OCC is shedding a requirement that forced institutions under its jurisdiction to meet certain requirements before being able to engage in crypto-related activities.
Says Acting Comptroller of the Currency Rodney E. Hood,
“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.
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.”
Under the Biden Administration, the OCC sent a letter that has since been rescinded, telling US banks they must first clear crypto-related activities with the regulator before being able to legally partake in them.
“This letter clarifies that the activities addressed in [previous] interpretive letters are legally permissible for a bank to engage in, provided the bank can demonstrate, to the satisfaction of its supervisory office, that it has controls in place to conduct the activity in a safe and sound manner…
The bank should not engage in the activities until it receives written notification of the supervisory office’s non-objection.”
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