The American Currency Controller, which regulates national banks, continued its subject to resistance prior to cryptocurrency in the bank, issuing letters of interpretation that say that institutions can – at the request of their customers – buy and sell cryptographic assets.
The newly explained political position published by the OCC has also said that bankers can outsource cryptographic activities to third parties, including custody and executive services. As long as everything always checks the boxes of the security and survey requirements of the guard dog, the occurrence gives banks more cryptographic freedom.
This week’s decision follows the overthrow of the agency of a longtime policy that asked bankers to check with their government supervisors before moving forward with new crypto cases. “These letters report a change in the Occ approach,” said Katherine Kirkpatrick Bos, Starkware General Counsel and former CBOE Digital Legal Director, on the Social Media X. She said the agency now seems to merge the crypto in the traditional bank. And the additional advice that third parties are correct “is a boon to regulate native cryptography service providers”.
Read more: WOI says that banks can engage in the warning of cryptography and certain Stablecoin activities
