TechFlow news, according to CoinDesk, the Office of the Comptroller of the Currency (OCC) stated in a new interpretive letter and statement that federally regulated banks in the United States can engage in a range of cryptocurrency activities without prior approval.
In a new interpretive letter, the OCC clarified that national banks and federal savings associations may lawfully provide cryptocurrency custody services, conduct certain stablecoin-related activities, and operate nodes.
"The OCC expects banks engaging in new banking activities to implement risk management controls as robust as those applied to traditional banking activities," said Acting Comptroller of the Currency Rodney E. Hood.
"Today’s actions will reduce burdens for banks participating in crypto-related activities and ensure these bank activities are treated consistently by the OCC, regardless of the underlying technology."
As part of this new interpretive letter, the OCC withdrew its 2023 statement regarding liquidity risks posed by cryptocurrencies to banks, signaling a retreat from its earlier concerns about the industry's impact on financial stability.
