BREAKING: OCC Says Banks Can Now Handle Crypto—Is the World Ready for This?

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On May 7, the Office of the Comptroller of the Currency (OCC) made a rather thrilling announcement—federally chartered banks and savings associations can now dabble in crypto services. Yes, you heard that right. This means they can offer custody and execution services. And guess what? They don’t even need to do all the work themselves—they can outsource it! Because who doesn’t love a bit of outsourcing?

This revelation was neatly packed in Interpretive Letter 1184, which—don’t worry—just clarifies that banks can jump into the digital asset business, as long as they manage the usual risks and legal stuff. You know, minor details like that.

OCC-regulated banks can now buy and sell assets held in custody, and—drumroll, please—are also free to outsource crypto-asset activities. Yes, outsource. It’s the future!

— OCC (@USOCC) May 7, 2025

The OCC further clarified that these institutions can engage in buying and selling assets for customers and, naturally, pass the other crypto-related services to third parties. After all, why do everything yourself when you can get someone else to do it?

But hold on, don’t get too excited yet. These activities still have to follow the same rules as traditional financial services—things like due diligence, cybersecurity, and managing third-party risks. You can’t just let any crypto enthusiast run wild with your assets, right?

This shift is quite the departure from the previous administration’s approach, which insisted that banks inform regulators before offering crypto services. The OCC has now given the green light to banks, allowing them to provide crypto-asset custody, stablecoin services, and even play a role in the blockchain game. Who knew banks would start acting like crypto pioneers?

So, there you have it—the OCC has officially waved the crypto flag. They’re not just pointing out that crypto and banks can coexist; they’re rolling out the welcome mat for digital assets, as long as everyone plays nice and follows the rules. Who could have predicted this turn of events? I’ll bet no one.

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2025-05-08 09:49