Federal regulated banks can engage in a set of cryptocurrency activities without prior approval, The Currency Comptroller’s Office (OCC) said, in a new letter of interpretive and statement.
In a new letter of interpretiveThe OCC has made it clear that national banks and federal thrift associations may legalize crypto precautions, perform some stablecoin-related activities, and run nodes.
“The OCC expects banks to have the same powerful risk management controls in the area to support novel bank activities as they do for traditional ones,” said curious currency comptroller Rodney E. Hood.
“The action now will reduce the burden on banks to engage in crypto -related activities and ensure that these bank activities are constantly being treated by the OCC, regardless of the underlying technology.”
As part of this new interpretive letter, the OCC Recovered a statement made by 2023 With the dangers of liquidity for banks from crypto, suggesting a rollback of previous concerns about the impact of the industry on financial stability.
