U.S. banks now have the authority to engage in activities related to cryptocurrency, including the custody of digital assets for customers, payments using stablecoins, or operating blockchain nodes.
The OCC (Office of the Comptroller of Currency), the agency responsible for overseeing the safety and soundness of banks and savings associations, has issued this clarification.
Rodney E. Wood, a director of the OCC, stated,
"Today's action will alleviate the burden on banks in engaging in cryptocurrency-related activities and ensure that these banking activities are consistently handled by the OCC, regardless of the underlying technology."
The agency also rescinded previous guidance that indicated cryptocurrency was a liquidity risk to the banking system