US Regulator Eases Crypto Restrictions for Banks

The US Office of the Comptroller of the Currency (OCC) has relaxed its regulations on how banks can engage with cryptocurrency and stablecoins.

This change allows banks to manage crypto assets, participate in stablecoin activities, and verify node networks without needing special pre-approval from the OCC.

The previous requirement for banks to meet specific conditions before engaging in crypto-related activities has been eliminated.

OCC Acting Comptroller Rodney E. Hood stated that banks must have 'strong risk management controls' in place to support these novel bank activities, just as they do for traditional ones.