On May 07, 2025, the Office of the Comptroller of the Currency (OCC) officially noted that federally regulated banks and savings institutions in the United States are now allowed to offer crypto-related services, like holding cryptocurrencies for customers and helping them buy and sell them.
As per interpretive letter 1184, banks can get involved in the crypto business, but only if they follow the required rules and regulations and manage the risks responsibly, whether they do so themselves or partner with third-party crypto companies.
The X post from the OCC official account quotes, “ OCC-regulated banks may buy and sell assets held in custody and are permitted to outsource bank-permissible crypto-asset activities, including custody and execution services.”
OCC-regulated banks may buy and sell assets held in custody and are permitted to outsource bank-permissible crypto-asset activities, including custody and execution services. https://t.co/0ScQdgNaS6 pic.twitter.com/J5dEkx4WUL
— OCC (@USOCC) May 7, 2025
OCC enabled banks to get involved in crypto-related services
Following this development, banks can now help customers to buy and sell cryptocurrencies, and can also outsource services like crypto custody and trading to other trusted companies.
However, there is a mandate to follow the same rules and regulations as regular banks do, it include doing due diligence, keeping strong cybersecurity, and managing risk when working with outside partners.
This change follows a new policy introduced in March that states that banks don’t need prior approval for certain crypto activities anymore, making a big shift from early rules under the administration of Joe Biden when banks were bound to inform the regulators in advance before any such activity.
It is worth noting that now banks are also permitted to offer services like crypto asset custody, working with stablecoins, and even running blockchain nodes.
Trump’s entry into the scene has changed the U.S stance on Crypto
After this historic victory of Donald Trump in the 47th presidential elections of the United States, a major shift in regulators’ stance and official turning to pro-crypto has been seen. And the president of the nation has branded himself as pro pro-crypto president, and following his acquisition of office, he signed many orders for the growth of digital assets in the U.S.
Mr. Trump has remained in the spotlight after his victory because of his bold statements and move to favor crypto, and in January this year, a memecoin project in his name was launched to attract a community and favor from the people in the nation.
It is worth noting that he signed an executive order that has restricted the United States from working on the formation of CBDC (Central Bank Digital Currency).
Yet despite his favouritism for crypto, some of them accused his associates and close ones of making huge profits from Official Trump and other associated projects like World Liberty Financial.
