US bank regulator clears national banks to facilitate crypto transactions

The US Office of the Comptroller of the Currency (OCC) issued an interpretive letter stating that national banks are permitted to intermediate cryptocurrency transactions as riskless principals without holding the assets on their balance sheets. This structure allows banks to conduct offsetting trades with different customers, mirroring traditional market activities and moving them closer to offering regulated crypto brokerage services. The OCC views this activity as falling within the "business of banking," citing 12 U.S.C. § 24, and notes it allows customers to use regulated banking channels for crypto transactions. The guidance emphasizes that banks must still ensure legal permissibility, align with chartered powers, and manage inherent risks, particularly counterparty credit risk, which the agency considers integral to banking. This nonbinding guidance follows comments from OCC head Jonathan Gould suggesting crypto firms seeking federal charters should be treated like traditional financial institutions, contrasting with previous regulatory pressure under the Biden administration.

(Source：Cointelegraph)