U.S. Banks Can Now Offer Crypto Services Without Approval—OCC Confirms

By: bitcoin ethereum news|2025/05/08 15:45:01
0
Share
copy
On May 7, the U.S. Office of the Comptroller of the Currency (OCC) confirmed that federally chartered banks and savings associations can now offer crypto-related services, like custody and trade execution, without prior regulatory approval, as long as they comply with risk and cybersecurity protocols. This decision, outlined in Interpretive Letter 1184, marks a significant step in integrating digital assets into traditional finance and removes Biden-era restrictions that previously required institutions to obtain a “letter of no objection.” Crypto Custody and Trade Execution Now Mainstream The OCC’s new guidance expands on its earlier letters (1170 and 1183), formally permitting trade execution, crypto custody, and sub-custodian partnerships. The update not only reinforces the legality of these services but also allows them to be outsourced to third-party providers, provided institutions maintain full compliance with federal laws. This move follows the OCC’s March policy update that eliminated pre-approval requirements, streamlining the process for banks to enter the crypto space responsibly. U.S. Lawmakers Praise OCC’s Pro-Crypto Shift The House Financial Services Committee called the move “a step forward in building a digital asset regulatory framework,” highlighting how it aligns with the pro-growth policies championed during the Trump administration. Senator Cynthia Lummis stated that the U.S. must “embrace digital assets fully or risk falling behind.” Legal experts like Katherine Kirkpatrick Bos see the OCC’s update as a turning point in normalizing crypto within U.S. banking. Also Read : Breaking: Arizona Becomes Second U.S. State to Adopt Bitcoin for State Treasury , Why This Matters for the Crypto Industry No more “no objection” letters needed: Banks can proceed directly with crypto services. Third-party providers are allowed: Enables collaboration with regulated crypto firms. Custody and trade execution approved: Lays groundwork for full-service crypto banking. With this, the OCC has opened the door to mainstream adoption of crypto services across the U.S. banking sector—an important shift as the global digital asset race accelerates. Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. FAQs On May 7, the OCC let federally chartered banks offer crypto custody and trade execution without prior approval. It streamlines bank entry into crypto, driving mainstream adoption and innovation in digital assets. Source: https://coinpedia.org/news/u-s-banks-can-now-offer-crypto-services-without-approval-occ-confirms/

You may also like

Connecting encryption, TradFi, and payments, is Gate completing the final puzzle of the "super APP"?

Why is it said that TradFi is not a short-term narrative?

a16z Crypto Operating Partner: Wall Street is undergoing its biggest infrastructure upgrade in 30 years

What is currently happening is the largest infrastructure upgrade in the capital market since the rise of electronic trading thirty years ago.

a16z Crypto's latest research: What is the key to the large-scale application of DeFi?

The widespread adoption of on-chain financial applications still faces an invisible barrier: the lack of transaction order certainty. Under a single leader architecture, nodes can delay, censor, or even front-run user transactions, thus completely distorting the game among market makers, bidders, an...

Founder of Delphi Labs: My observations and feelings about the AI ecosystem in China in two weeks

Delphi Labs co-founded a deep observation of China's AI ecosystem: hardware manufacturing is quietly winning the global war at an astonishing speed, but the software sector is mired in an overvaluation bubble and the homogenization of founders.

AI Seating Chart Released | Rewire News Morning Brief

Musk and Ultraman are not above

Is the era of Embodied AI's "GPT Moment" Approaching? Axis Robotics Announces End of Testing, Set to Launch on Base Chain

Axis's answer is yes - provided that a thorough reshaping of the scale-up production of robotic data is required, and a redefinition of the deployment paradigm in the physical world.

Popular coins

Latest Crypto News

Read more