OCC Clarifies Banks Can Engage in Certain Crypto Activities

The Office of the Comptroller of the Currency (OCC) reaffirms in a letter that a range of cryptocurrency activities are permissible in the federal banking system.

• Cryptoasset custody, certain stablecoin activities, and participation in independent node verification networks, such as distributed ledger, are permissible for national banks and federal savings associations
• Letter rescinds the requirement for OCC-supervised institutions to receive supervisory nonobjection and demonstrate that they have adequate controls before they can engage in these cryptocurrency activities

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Tonya Garcia in New York at tgarcia81@bloomberg.net ...