The US Office of the Comptroller of the Currency (OCC) has confirmed that banks can trade crypto on behalf of customers and outsource certain crypto activities to third parties. Acting Comptroller Rodney Hood stated that banks and federal savings associations may hold crypto assets in custody at customers' direction. The OCC has allowed banks to offer services such as record keeping, tax, and reporting for crypto assets. Hood emphasized the significance of this development, noting that more than 50 million Americans hold some form of cryptocurrency, marking a transformative shift in financial services. Katherine Kirkpatrick Bos from StarkWare praised the OCC’s letters as a sign of a shift towards integrating crypto within banking frameworks. Industry experts have highlighted the need for more guidance to enhance clarity in the regulatory landscape, especially as the OCC relaxes previous restrictions and provides opportunities for banks to engage with digital assets more robustly.

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