- OCC clarified that American banks can hold, act or have third parties deal with the crypto assets of customers.
- However, the permitted crypto activities must take place within the applicable laws.
The American office of the Current of the Currency (OCC) has clarified that banks can trade Crypto activa or be guardian Bitcoin [BTC] On behalf of customers.
According to an interpretative letter On 7 May issued on 7 May, the supervisor also noted that national banks could have third parties deal with the above services with the permission of customers.
OCC doubles on crypto
Rodney Hood, the CEO of the OCC, added that banks could offer other services,
“These banks can provide other guardian fee services, including keeping data, tax or reporting services for their customers. OCC banks can use a sub-requirement to provide the same services.”
The update comes after another accompaniment In March, those Banks Greenlicht to process crypto assets and stablecoins.
Interestingly, the supervisory memo of March has also withdrawn an earlier limiting attitude against the digital assets sector that has been in force since 2021.
In general, the pro-Crypto shift is now a growing trend under the government of President Donald Trump.
Responding to the latest update of the OCC, the US House Committee on Financial Services, led by Republicans, welcomed the move. The promised support for the invoice of the crypto market structure and read”
“Members look forward to continuing the work that is needed to develop a digital asset framework that stimulates innovation and builds on the success of the pro-growth of the Trump-Admin, pro-innovation agenda.”
Nevertheless, OCCs Hood repeated that the supervisor expected that all permitted crypto activities would take place within fixed rules. He added,
“I want to be clear that the OCC expects these activities to be carried out in a safe and solid way and in accordance with the applicable legislation.”
That said, stablecoins Seem to be well positioned to take advantage of this massive shift, and by extension this can be the stage for the disruption of the traditional banking system.