OCC allowed banks to conduct operations with cryptocurrency
Federal banks have been granted the right to hold cryptocurrencies, work with stablecoins, and act as validators for blockchain networks without prior approval from the regulator
Key changes:
🟡 Banks no longer need to obtain prior permission from OCC to work with cryptocurrency
🟡 Risk management requirements have been simplified, but they remain as strict as for traditional banking operations
🟡 OCC has withdrawn its participation in joint statements regarding the risks of cryptocurrencies and liquidity, which may indicate a softer approach from the regulator towards crypto assets