OCC Confirms Banks Can Act as Intermediaries in Crypto Transactions

The Office of the Comptroller of the Currency (OCC) issued Interpretive Letter 1188, clarifying that national banks are permitted to engage in “riskless principal” transactions involving crypto-assets. This means a bank can act as a simultaneous buyer and seller between two customers for crypto, essentially functioning as a broker without holding the assets in inventory. This guidance aligns with a broader regulatory trend easing restrictions on crypto activities for traditional banks. The OCC reasoned that these transactions are analogous to existing brokerage activities, benefit customers by offering regulated access to digital assets, and involve risks familiar to banks. This confirmation extends to non-security crypto-assets, framing the activity as part of the permissible "business of banking."

(Source：Bitcoin Magazine)