The Digital Asset Market Clarity Act failed a key Senate vote last month, leaving spot crypto trading without federal oversight. With midterms approaching, Congress is unlikely to address this before January. However, the Office of the Comptroller of the Currency (OCC) has been proactive, issuing legal interpretations that allow national banks to engage in various digital-asset activities.
The OCC has established a legal framework since 2020, enabling national banks to hold and trade digital assets for customers. This includes custody services, trading, staking, stablecoin issuance, and more. The GENIUS Act of 2025 further strengthens this by allowing uninsured national banks to issue payment stablecoins.
One major advantage of this approach is federal preemption of state laws, which simplifies compliance for crypto firms operating nationwide. Since December 2025, over a dozen companies have won conditional approval for national trust bank charters, highlighting the appeal of this regulatory path.
Despite these advancements, challenges remain. The Independent Community Bankers of America recently sued the OCC, arguing that the agency is overstepping its authority. Additionally, the Securities and Exchange Commission and Commodity Futures Trading Commission are developing their own rules, which may offer alternatives but currently have drawbacks.