PANews reported on March 8 that the U.S. Office of the Comptroller of the Currency (OCC) issued an interpretative letter reaffirming that a range of cryptocurrency activities are permitted in the federal banking system, confirming that national banks and federal savings associations can conduct crypto asset custody, certain stablecoin activities, and participate in independent node verification networks such as distributed ledgers. The letter also revoked the requirement that institutions regulated by the U.S. Office of the Comptroller of the Currency must obtain a no-objection opinion from regulators and prove that they have implemented adequate control measures before participating in these cryptocurrency activities.

“The OCC expects banks to implement the same strong risk management controls to support new types of banking activities as they do for traditional banks,” said Rodney E. Hood, Acting Comptroller of the Currency. “Today’s action will reduce the burden on banks engaging in crypto-related activities and ensure that the OCC treats these banking activities consistently, regardless of the underlying technology. I will continue to work to ensure that regulation is effective and not excessive, while maintaining a strong federal banking system.”