The Office of the Comptroller of the Currency published Interpretive Letter 1183 confirming that crypto-asset custody, certain stablecoin activities, and participation in independent node verification networks are permissible for national banks and federal savings associations. The letter also rescinds the prior requirement for OCC-supervised institutions to obtain supervisory nonobjection and demonstrate adequate controls before engaging in these activities. The OCC stated that banks are still expected to apply strong risk management controls for novel activities in the same way as for traditional banking. Consistent with Interpretive Letter 1183, the OCC also withdrew its participation in the joint statement on crypto-asset risks to banking organizations and the joint statement on liquidity risks to banking organizations resulting from crypto-asset market vulnerabilities.
Office of the Comptroller of the Currency 2025-03-07
Office of the Comptroller of the Currency confirms banks can conduct certain crypto activities and removes supervisory nonobjection requirement
The OCC issued Interpretive Letter 1183, permitting national banks and federal savings associations to engage in crypto-asset custody, certain stablecoin activities, and independent node verification networks without prior supervisory nonobjection. The OCC stressed the need for robust risk management controls and withdrew from joint statements on crypto-asset and liquidity risks.