The U.S. Office of the Comptroller of the Currency (OCC) has issued guidance confirming that national banks and federal savings associations may legally engage in certain cryptocurrency-related activities, provided they implement appropriate risk management practices.

In particular, Interpretive Letter 1183, published on March 7, 2025, reaffirms that these institutions may engage in activities such as:

1. **Custody of Crypto Assets**: Banks may hold and manage cryptocurrencies on behalf of their customers, including the associated cryptographic keys.

2. **Stablecoin Activities**: Banks may hold dollar deposits that serve as reserves for stablecoins (cryptocurrencies designed to maintain a stable value, often pegged to the U.S. dollar) under certain conditions.

3. **Participation in Independent Node Verification Networks**: Banks may act as nodes in distributed ledger (blockchain) networks, verifying and processing transactions.

Furthermore, this letter eliminated the prerequisite of obtaining a supervisory no-objection before engaging in these activities, which reduces the regulatory burden and encourages responsible innovation in the banking sector. However, the OCC emphasizes that banks must maintain robust risk management controls, similar to those applied in traditional banking activities, to ensure that these operations are conducted safely and in compliance with applicable laws.

It is important to note that, although these activities are permissible, banks must comply with relevant regulations, such as anti-money laundering (AML) laws and the Bank Secrecy Act (BSA), and ensure they have sufficient capital and liquidity to support these operations.