US Banks Cleared to Act as Crypto Middlemen Without Holding Digital Assets

The Office of the Comptroller of the Currency (OCC) has given national banks a green light to facilitate cryptocurrency trades without maintaining token inventories. In its December 9 interpretive letter, the agency authorized banks to operate as 'riskless principals'—buying from one customer while simultaneously selling to another.

This move comes amid heated debates over crypto firms seeking trust charters. Comptroller Jonathan Gould dismissed calls to block such charters, stating digital assets shouldn’t be treated as a separate category for custody purposes. The Bank Policy Institute had lobbied against these charters, arguing they let crypto firms engage in bank-like activities without equivalent oversight.

The OCC’s stance signals growing institutional acceptance of crypto market infrastructure. By allowing banks to profit from transactional roles rather than speculative positions, regulators may be steering the sector toward greater liquidity and stability.