Regulators Flip on Crypto, Bitcoin's Banking Access Hangs in the Balance

US bank regulators have consistently flipped their crypto stance with every new president since 2017, a trend that has left the future of Bitcoin's banking access uncertain. In July 2020, the Office of the Comptroller of the Currency (OCC) informed national banks that they could hold crypto for their customers, but the Biden administration took a different approach in November 2021, mandating that banks obtain their supervisor's approval before engaging in any crypto activities. The trend shifted again when Trump returned to office in January 2025, as the SEC eliminated its accounting guidance and the OCC lifted the sign-off requirement.

The Federal Reserve, the FDIC, and the OCC collectively cautioned banks about crypto risks in early 2023, but this was retracted in the spring of 2025. The SEC's October 1 Custody Proposal could allow advisers to hold crypto on clients' behalf through state trust companies and brokers, but even if finalized, it will remain a regulation, not a law. This has left Bitcoin investors vulnerable to future policy changes, as a law offers greater stability than regulatory guidelines.

According to the Congressional Research Service (CRS), laws remain stable over time, while regulatory changes can be reversed quickly by the next administration. This has led to uncertainty about whether any of today's bank crypto rules will survive the next presidential administration.