The Office of the Comptroller of the Currency (OCC) has clarified that national banks can engage in buying, selling, and managing crypto assets for their customers, and also outsource custody and execution services to third parties. This new guidance shifts away from previous restrictions, signaling a coordinated move across U.S. financial regulators to facilitate the involvement of banks in digital assets. The Federal Deposit Insurance Corporation (FDIC) has also announced that banks can partake in crypto activities without prior regulatory approval if they manage associated risks appropriately. Previous requirements mandating banks to obtain consent before engaging in cryptographic activities have been lifted, aligning with a broader regulatory shift to support the growth of the crypto industry. The OCC's recent guidance, building on earlier Interpretive Letters that established banks’ authority in crypto custody, reflects a significant policy reversal from the earlier regulations imposed under the prior administration.

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