On May 07, 2025, banks in the U.S. were granted permission to offer cryptocurrency services as per OCC guidelines.
New Opportunities for Banks
The Office of the Comptroller of the Currency (OCC) has officially allowed federally regulated banks and savings institutions in the United States to provide crypto-related services. Banks can now assist customers in buying and selling cryptocurrencies and can outsource services such as crypto asset custody and trading. According to the OCC, "OCC-regulated banks may buy and sell assets held in custody and are permitted to outsource bank-permissible crypto-asset activities, including custody and execution services."
Rules and Requirements for Banks
According to interpretive letter 1184, banks may partake in crypto-business activities but must follow the established rules and regulations. This includes adherence to due diligence, maintaining robust cybersecurity, and managing risks when working with external partners. Banks are now also permitted to offer services related to crypto asset custody and stablecoin operations.
Political Changes and the Crypto Industry
Following Donald Trump’s election as president, there has been a considerable shift in the U.S. stance on cryptocurrencies. He has branded himself as a pro-crypto president, issuing several executive orders to promote digital assets. One such initiative involved changing the rules for banks, removing the need for prior approval for specific crypto activities. Despite his pro-crypto stance, Trump is facing accusations from critics that his associates are profiting from his ventures.
Overall, the regulatory changes and favorable political climate may have a significant impact on the development of the crypto industry in the United States.
