The Office of the Comptroller of the Currency (OCC) has published a new explanatory letter that significantly eases banks’ control over crypto assets. According to this document, American banks can now not only store cryptocurrencies but also provide services for buying and selling digital assets on behalf of their clients.
This is reported by Finway
New Regulations for Banks
On May 7, 2025, the OCC issued an explanatory letter detailing new opportunities for financial institutions. In particular, banks can:
- provide custodial services for crypto assets in both fiduciary and non-fiduciary forms;
- buy and sell cryptocurrency at the request of clients;
- utilize sub-custodians and other intermediaries to provide storage and purchasing services for crypto assets to third parties.
Letter No. 1184 reaffirms the provisions outlined in Document No. 1170, which was published back in 2020 and pertains to the ability to offer custodial services. Additionally, it references Letter No. 1183, in which the OCC rescinded the requirement for obtaining permission to engage with crypto businesses.
Expert Commentary
Katherine Kirkpatrick Boss, CLO of Starkware, noted:
“These letters signal a shift in the OCC’s approach, which now appears to focus on integrating cryptocurrencies into the framework of traditional banking. Additional guidance will bring even more clarity and allow banks to re-enter this space without fear of significant regulatory risk.”
It is worth noting that under the previous White House administration, the OCC and other federal regulatory bodies were accused of debanking the crypto sector. In December 2024, U.S. House Representative French Hill announced an investigation into such cases.