Policy, OCC, banks, Regulations OCC lifts approval and management necessities for banks participating in cryptocurrency actions in new interpretive letter.
Federally regulated banks can interact in a spread of cryptocurrency actions with out prior approval, The Office of the Comptroller of the Currency (OCC) mentioned, in a brand new interpretive letter and assertion.
In a new interpretive letter, the OCC clarified that nationwide banks and federal financial savings associations can legally present crypto custody, conduct sure stablecoin-related actions, and run nodes.
“The OCC expects banks to have the same strong risk management controls in place to support novel bank activities as they do for traditional ones,” mentioned Acting Comptroller of the Currency Rodney E. Hood.
“Today’s motion will scale back the burden on banks to have interaction in crypto-related actions and make sure that these financial institution actions are handled persistently by the OCC, whatever the underlying expertise.”
As a part of this new interpretive letter, the OCC withdrew a statement it made in 2023 on liquidity dangers for banks from crypto, suggesting a rollback of prior issues concerning the trade’s affect on monetary stability.
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