OCC presents on cryptocurrency banking after Trump announces the end of Chokepoint 2.0
The OCC has eased the "burden" on U.S. banks engaging in cryptocurrency activities after U.S. President Donald Trump announced the end of the "absurd" Chokepoint 2.0 campaign.
The Office of the Comptroller of the Currency (OCC) relaxed its stance on how banks can engage in cryptocurrency just hours after U.S. President Donald Trump announced he would end the Chokepoint 2.0 campaign — a prolonged crackdown aimed at limiting the access of cryptocurrency companies to banking services.
The OCC stated in a release on March 7 that: "The custody of cryptocurrency assets, certain stablecoin-related activities, and participation in independent node verification networks such as distributed ledgers are permitted for national banks and federal savings associations."
The OCC's new guidance will “ease the burden” on banks
In a document titled Interpretive Letter 1183, the OCC confirmed that financial institutions overseen by the OCC no longer need "the non-objection of the supervisory agency" to engage in cryptocurrency-related activities.
Comptroller of the Currency Rodney E. Hood stated: “Today's action will ease the burden on banks when engaging in cryptocurrency-related activities and ensure that these banking activities are handled consistently by the OCC.”