OCC Clarifies Guidelines for Banks Providing Regulated Crypto Services
The US Office of the Comptroller of the Currency (OCC) has clarified regulatory guidelines for banks to provide customer-directed crypto services, including trading and custody. This development expands regulated access to digital assets, but does not grant unrestricted permission for banks to speculate on cryptocurrencies.
Banks can now execute customer-directed trades and outsource custody, subject to safeguards and applicable federal banking requirements. The OCC's guidance does not specifically endorse any particular cryptocurrency, including XRP, which currently trades near $1.49.
The regulatory framework allows banks to use third-party providers for permitted activities, such as custody and execution arrangements for customer-held digital assets. However, banks remain responsible for managing risks linked to those external providers.