US Banking Regulator Eases Crypto Rules for Banks
The US banking regulator has relaxed rules for banks to engage in cryptocurrency activities. The Office of the Comptroller of the Currency (OCC) has eliminated a requirement that forced banks to meet specific conditions before participating in crypto-related activities.
This change marks a significant shift from earlier policies, which were reversed after a directive issued during the Biden Administration was rescinded.
The OCC now allows financial institutions to manage crypto assets and participate in stablecoin activities without special pre-approval. However, banks will still need to demonstrate appropriate risk controls.
In a statement, Acting Comptroller of the Currency Rodney E. Hood said, 'The OCC expects banks to have the same strong risk management controls in place to support novel bank activities as they do for traditional ones.'