US eases regulation of cryptocurrencies in banks: OCC allows the purchase and storage of digital assets

The regulator’s directive states that institutions can also outsource the storage and execution of cryptocurrencies to third-party organizations

08.05.2025 - 09:00

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What’s new? The US Office of the Comptroller of the Currency (OCC), which regulates national banks, has continued to radically change its previous attitude toward cryptocurrencies in banking by issuing clarification letters stating that institutions can, at the request of their customers, buy and sell crypto assets in custody.

The outlined policy position issued by the OCC also clarifies that bankers can outsource crypto activities to third parties, including custody and execution services. As long as all of this still meets the supervisor’s safety and soundness requirements, the OCC is giving banks more crypto freedom.

What do the experts say? This week’s authorization follows the agency’s March change to a longstanding policy that required bankers to consult with their state supervisors before embarking on a new crypto business.

According to Katherine Kirkpatrick Bos, Starkware general counsel and a former chief legal officer at Cboe Digital, the letters signal a change in the OCC’s approach. She added that the agency has now given the green light to integrate cryptocurrencies into traditional banking. And the additional guidance that third parties are acceptable “is a boon to regulated crypto native service providers.”

Earlier, the US Federal Reserve withdrew guidance that kept banks from engaging in cryptocurrency and stablecoin-related activities. Specifically, the Fed’s Board of Governors rescinded a 2022 supervisory letter that required financial institutions to provide advance notice of planned crypto asset activity.

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