OCC Says Banks Can Handle Crypto for Customers—And Outsource It Too
The Office of the Comptroller of the Currency (OCC) has authorized national U.S. banks to buy, sell, and manage crypto assets under their custody, allowing these activities at customer direction and permitting outsourcing of crypto custody services. This decision follows a coordinated regulatory shift, moving away from previous restrictions that required banks to obtain prior consent for crypto engagement. The OCC's new directive builds on earlier guidance that established banks' authority for crypto custody services. Previous policies had stalled institutional adoption of crypto, but the recent changes signal a renewed openness towards digital assets. The OCC's affirmation aligns with similar actions from the Federal Reserve and FDIC, indicating a broader acceptance of crypto-asset activities within traditional banking frameworks.
