The Office of the Comptroller of the Currency (OCC) has officially clarified that banks within its oversight can engage in crypto-related activities on behalf of their clients, including trading digital assets held in custody and working with third-party service providers.
In a statement made on May 7, Acting Comptroller Rodney Hood confirmed that national banks and federal savings associations can carry out buy-and-sell transactions involving customer crypto assets, as long as they are acting on the customer’s instructions.
The OCC’s press release further explained that institutions are permitted to outsource crypto-related functions—such as custody and transaction execution—to external providers, provided they comply with existing legal and regulatory frameworks.
“Banks can also offer related services like tax reporting, record keeping, and other custody solutions for their crypto-holding customers,” Hood noted in a video shared on X (formerly Twitter). He also emphasized that banks may use sub-custodians for these roles, assuming they follow sound third-party risk management practices.
This follows a policy shift announced in March, when the OCC gave banks the green light to engage in crypto-asset custody, participate in stablecoin operations, and run nodes in blockchain networks.
“The fact is, over 50 million Americans own some form of cryptocurrency. This isn’t just a passing phase—it’s a significant evolution in financial services,” Hood remarked.
As an independent bureau of the U.S. Treasury, the OCC oversees all national banks and federal branches of foreign financial institutions operating in the country.
Industry Reacts Positively to OCC’s Position
Leaders in the digital asset space welcomed the OCC’s updated guidance. Katherine Kirkpatrick Bos, General Counsel at blockchain company StarkWare, described it as a “notable shift” that brings crypto closer to integration within traditional banking systems.
“This level of clarity gives banks confidence to re-engage with crypto without fearing major regulatory backlash,” she said. “The permission to outsource compliant crypto operations is a major win for regulated crypto-native firms.”
Faryar Shirzad, Chief Policy Officer at Coinbase, also praised the OCC’s approach. In a post on May 7, he commended Hood for his dedication to regulatory transparency and commitment to lawful oversight.
This more favorable stance toward crypto appears to align with the Trump administration’s broader policy direction since returning to office in January.
In a related move, the Federal Reserve in April rescinded previous guidance that discouraged banks from participating in crypto and stablecoin markets. Shortly after, President Trump signed off on a resolution overturning a Biden-era rule that would have mandated DeFi protocols report transactions to the IRS.
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