The OCC authorizes financial institutions to offer cryptocurrency custody and stablecoin services without prior approval.
With the release of Interpretive Letter 1183, the Office of the Comptroller of the Currency (OCC), the U.S. banking regulator, has officially removed the requirement for national banks and federal savings associations to obtain prior approval to offer cryptocurrency and stablecoin custody services.
This decision marks a turning point in the regulatory landscape, eliminating one of the main obstacles to integrating digital assets into the U.S. banking system.
Rodney E. Hood, Acting Comptroller of the Currency, stated:
“The OCC expects banks to maintain the same strong risk management controls to support new banking activities, just as they do for traditional ones.”
Hood emphasized that this decision reduces barriers for banks interested in expanding their services into the crypto sector.
The news follows numerous calls to end restrictive banking practices, such as the so-called “Operation Choke Point 2.0,” and after legal actions taken by industry figures. Brian Armstrong, CEO of Coinbase, had recently sued the FDIC (Federal Deposit Insurance Corporation) accusing it of attempting to sever ties between the banking and digital asset sectors.
However, despite the widespread optimism, some industry experts urge caution. Caitlin Long, founder and CEO of Custodia Bank, pointed out that while the OCC’s guidelines represent a positive step, broader regulatory hurdles remain, stating:
The executive indicated that the Federal Reserve (Fed) and FDIC’s anti-crypto guidelines remain in effect, continuing to create obstacles for banks seeking to fully adopt digital asset services.