Banks can pay gas fees and hold the cryptocurrency needed to pay those network fees, according to a new letter from the Treasury Department’s Office of the Comptroller of the Coin.
The OCC, which oversees banks, said banks may have to pay network fees as part of doing business and hold cryptocurrencies on their balance sheets to pay those fees. Interpretive letter 1186 on Tuesday.
“We affirm that the proposed activities, as described and qualified by the Bank, are permissible,” the OCC said in the letter.
The OCC cited Ethereum as an example, saying that the Ethereum network requires transactions to be denominated in ETH.
“Such a user would have to either maintain a separate ETH account, conduct a spot trade on a crypto asset exchange to obtain ETH prior to the transaction, contact a third-party network provider, or obtain ETH through some other means,” the OCC said. “This process may involve costs and significant risks, including risks associated with operational complexity, changes in asset prices and delayed transactions.”
Update crypto guidelines
Over the past year under the Trump administration, regulators, including the OCC, have changed their stance on crypto.
The Federal Reserve has since withdrawn guidelines that previously discouraged banks from participating in crypto.
The central bank also released a joint with the OCC statement During the summer, it was explained, among other things, how the existing rules apply to banks that hold crypto on behalf of customers.
The OCC has done that too clearlystated that US banks can buy and sell crypto assets on their behalf. The agency also said it was to delete references to reputational risk from its manuals and guidelines, although it noted it would not change its expectations about how banks handle risk.
Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures has been a majority investor in The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful and timely information about the crypto industry. Here you will find our current financial disclosures.
© 2025 Het Blok. All rights reserved. This article is for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.