OCC: US Banks Can Buy and Sell Customer Digital Assets

The OCC’s latest interpretive letter, published Wednesday, cements national banks’ authority to engage in crypto asset transactions and custody without pre-approval—a significant pivot from 2021’s restrictive stance.

The guidance explicitly permits outsourcing core functions (e.g., trade execution, safekeeping) to third parties, contingent on robust risk controls.

It expands on March’s precedent-setting update, which enumerated permissible activities—from fiat conversions to tax reporting—and sanctioned sub-custodianships under strict governance protocols.

The coordinated moves signal the OCC’s intent to integrate crypto into mainstream banking, albeit with guarded flexibility.