US Banks Cleared For ‘Riskless’ Crypto Transactions Following OCC Letter
The Office of the Comptroller of the Currency (OCC) has granted national banks permission to engage in "riskless principal transactions" involving crypto-assets, marking a significant milestone for the digital asset industry in the United States. Interpretive Letter 1188 outlines the framework for these activities, aligning them with existing custody services offered by banks.
National banks can now buy and sell digital assets for custody customers under established agreements, effectively acting as agents in a regulated environment. This development provides a stark contrast to unregulated crypto exchanges, offering customers greater security and oversight.
The OCC distinguishes between digital asset transactions and traditional securities, addressing key concerns for banks entering the crypto space. The MOVE signals growing institutional acceptance of cryptocurrencies as legitimate financial instruments.
