The Office of the Comptroller of the Currency (OCC) recently clarified that banks can engage in certain crypto activities without necessarily seeking prior approval from regulators. This is a significant development that aligns with the evolving stance of regulators towards the crypto sector. Brian Montgomery, a partner at Pillsbury, noted that many banks have been eager to explore services in the digital asset space but were limited by previous regulations. At a banking conference, OCC's acting Comptroller Rodney Hood expressed enthusiasm about enabling banks to delve into crypto. The statement primarily affects national banks, indicating a need for similar guidance from the FDIC and Federal Reserve to harmonize regulatory approaches. Additionally, discussions are underway about potential changes in federal policies, including an executive order from President Trump aimed at reversing some anti-crypto measures from the past administration. There is anticipation of further regulatory guidance in the coming months, which could open avenues for banks to engage more meaningfully in services related to stablecoins and crypto custody.

Source 🔗