The Office of the Comptroller of the Currency published Interpretive Letter 1188 confirming that a national bank may engage in riskless principal transactions in crypto-assets as part of the business of banking. In these transactions, the bank acts as principal in a crypto-asset trade with one customer while simultaneously entering into an offsetting transaction with another customer, serving as an intermediary without holding crypto-assets in inventory. The OCC emphasized that, as with any bank activity, these transactions must be conducted in a safe and sound manner and in compliance with applicable law.
Office of the Comptroller of the Currency 2025-12-09
Office of the Comptroller of the Currency confirms national banks may conduct riskless principal crypto-asset transactions
The Office of the Comptroller of the Currency issued Interpretive Letter 1188, allowing national banks to engage in riskless principal transactions in crypto-assets. These transactions involve acting as an intermediary between customers without holding crypto-assets in inventory. The OCC stressed the importance of conducting these activities safely and in compliance with applicable laws.