Source: Cointelegraph.com NewsThe US Office of the Comptroller of the Currency (OCC) has confirmed banks under its jurisdiction can trade crypto on behalf of customers and outsource some crypto activities to third parties.\u00a0
\nActing comptroller Rodney Hood said in a May 7 letter that banks and federal savings associations can buy and sell crypto they hold in custody at customers\u2019 direction.
\nThe OCC added in a press release that financial institutions can also outsource bank-permissible crypto activities, including custody and execution services, to third parties in compliance with applicable law.
\n\u201cAdditionally, these banks may provide other custody services, including record keeping, tax or reporting services for their customers,\u201d Hood said in a May 7 video posted to X.\u00a0<\/p>\n
OCC-regulated banks may buy and sell assets held in custody and are permitted to outsource bank-permissible crypto-asset activities, including custody and execution services. https:\/\/t.co\/0ScQdgNaS6 pic.twitter.com\/J5dEkx4WUL\u2014 OCC (@USOCC) May 7, 2025<\/p>\n
\u201cOCC banks may use a sub-custodian to provide the same services subject to appropriate third-party risk management practices, while a range of cryptocurrency and digital asset activities may be performed by banks and their third parties,\u201d he added.\u00a0 Source: Cointelegraph.com NewsThe US Office of the Comptroller of the Currency (OCC) has confirmed banks under its jurisdiction can trade crypto on behalf of customers and outsource some crypto activities… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128814"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128814"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128814\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128814"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nPreviously, the OCC eased its stance on how banks can engage with crypto on March 7 by giving the green light for crypto-asset custody, some stablecoin activities, and participation in independent node verification networks such as distributed ledgers.\u00a0
\n\u201cMore than 50 million Americans hold some form of cryptocurrency. This digitalization of financial services is not a trend; it is a transformation,\u201d Hood said.\u00a0
\nThe OCC is an independent bureau within the US Department of the Treasury that regulates and supervises all national banks and also the federal branches of foreign banks.
\nIndustry supports the OCC letters\u00a0
\nKatherine Kirkpatrick Bos, general counsel at ZK-rollup developer StarkWare, said the letters signal a \u201cshift in the OCC\u2019s approach,\u201d which now appears to favor a focus on integrating crypto within banking frameworks.\u00a0
\n\u201cMore guidance will give further clarity [and] will allow banks to re-enter crypto [without] the fear of existential regulatory risk,\u201d she said.\u00a0
\nShe added the OCC\u2019s \u201cexplicit permission today allowing banks to outsource bank-permissible crypto-assets is a boon to regulated crypto native service providers.\u201d\u00a0
\nSource: Katherine Kirkpatrick BosChief policy officer at crypto exchange Coinbase, Faryar Shirzad, also applauded the move, saying in a May 7 post to X, Hood\u2019s commitment to \u201cregulatory clarity, as well as his adherence to supervisory best practices and the letter of the law,\u201d is appreciated.\u00a0
\nThe Trump administration has taken a friendlier attitude toward crypto since coming into power in January.\u00a0
\nRelated: The lessons learned at Operation Chokepoint 2.0 Congressional hearings
\nIn April, the US Federal Reserve announced it was withdrawing guidance that was created to deter banks from engaging in crypto and stablecoin activities.
\nUS President Donald Trump also signed a joint congressional resolution on April 11, overturning a Biden administration-era rule that would have required decentralized finance protocols to report transactions to the Internal Revenue Service.
\nMagazine: SEC\u2019s U-turn on crypto leaves key questions unansweredRead More<\/a><\/p>","protected":false},"excerpt":{"rendered":"