The U.S. Office of the Compotroller of the Currency (OCC) has confirmed that the banks act within the context of its responsibility within the name of shoppers crypto and have outsourced some crypto activities to 3rd parties.
In a letter dated May 7, the reigning compatroller Rodney Hood said that banks and federal savings associations can purchase and sell crypto that they keep in custody within the management of shoppers.
In a press release, the OCC added that financial institutions may outsource the bank-persistent crypto activities, including custody and execution services, to 3rd parties.
“In addition, these banks can offer other custody services, including records, tax or reporting services for his or her customers,” said Hood in a video of May 7, which was published after X.
OCC-regulated banks can purchase and sell in custody assets and will outsource the crypto-asset activities that will be produced by the banks by the banks. https://t.co/0scqdgnas6 pic.twitter.com/j5dekx4wul
– OCC (@usocc) May 7, 2025
“OCC banks can use a subcust customer to supply the identical services which might be subject to appropriate risk management of third-party providers, while numerous cryptocurrency and digital asset activities from banks and their third parties will be carried out,” he added.
Previously, the OCC made its attitude easier for banks on March 7 to get in contact with crypto by giving green light for crypto-asset-superior, some stable coin activities and participation in independent node verification networks comparable to distributed ledgers.
“More than 50 million Americans have a type of cryptocurrency. This digitization of economic services isn’t a trend. It is a metamorphosis,” said Hood.
The OCC is an independent office inside the US Finance Ministry, which regulates and monitors all national banks and the federal foreign banks.
The industry supports the OCC letters
Katherine Kirkpatrick BOS, General Counsel of the ZK-Rollup developer strong goods, said the letters signal a “shift within the OCC approach”, which now appears to be preferred to integrate crypto into banking operations.
“Further instructions will give further clarity [and] Enables banks to reinvest crypto [without] The fear of existential regulatory risks, ”she said.
She added that the OCC's OCC permit today enables banks to store the crypto-assets outsourced by the bank from the bank which might be regulated for regulated crypto home service providers.
Source: Katherine Kirkpatrick Bos
The Chief Policy Officer at Crypto Exchange Coinbase, Faryar Shirzad, also welcomed the move and said that in a post on May seventh at X Hood's commitment to “regulatory clarity in addition to compliance with the very best practice and the law of the law” was estimated.
The Trump administration has taken a friendlier attitude towards Crypto since its power in January.
In April, the US Federal Reserve announced that instructions were made to stop banks from crypto and stablecoin activities.
On April 11, US President Donald Trump also signed a joint decision of the congress, through which a rule of the bids would have been canceled, for the decentralized financial protocol to report transactions to the Internal Revenue Service.
