- This policy shift reverses previous guidance that required banks to obtain clearance before offering crypto-related services.
- The US government is adopting crypto, as evidenced by the White House hosting a recent crypto summit.
The Office of the Comptroller of the Currency (OCC) announced a major policy shift, allowing national banks to participate in crypto custody, stablecoin transactions, and distributed ledger networks without first obtaining clearance from regulators.
The move marks a significant reversal from previous guidance, reducing compliance burdens and fostering broader crypto adoption in the banking sector. The OCC’s latest statement clarified that national banks can engage in certain crypto-related services without preemptively proving they have the necessary risk controls in place, Reuters reported.
Previously, banks were required to inform supervisors about their crypto activities, outline risk mitigation strategies, and await regulatory approval before proceeding. The OCC also withdrew from previous joint statements issued alongside other US financial regulators, which had warned banks about the risks of crypto exposure.
One such statement, released in 2023, did not explicitly prohibit banks from engaging with digital assets but underscored the sector’s volatility and the heightened scrutiny that would come with participation.
This policy change aligns with broader shifts in the federal government’s stance on cryptocurrency. On the same day as the OCC’s announcement, the White House hosted a crypto summit, signaling growing institutional acceptance of digital assets.
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Regulatory Shift Opens Doors For Banks
Beyond banking regulation, the US government appears to be moving toward active participation in the crypto market. Treasury Secretary Scott Bessent revealed in an interview that plans are underway to establish a strategic crypto reserve, with Bitcoin as the initial asset.
The reserve will reportedly begin with seized crypto assets, but further acquisitions are expected. The initiative suggests a potential shift toward greater government involvement in the cryptocurrency space, raising questions about its long-term implications for both regulation and market dynamics.
With regulatory barriers easing, banks may be more inclined to explore digital asset services, from custody solutions to stablecoin transactions. This shift could enhance crypto’s legitimacy within the traditional financial system, attracting more institutional players into the market.
