OCC Clears Way for Banks to Participate in Cryptocurrency Markets

The Office of the Comptroller of the Currency (OCC) has clarified that national banks can engage in the purchase and sale of customer-held cryptocurrency assets, even engaging third parties to manage these assets. The clarification is based on Interpretive Letter 1184 and builds upon previous letters like 1170 and 1183, which established the framework for crypto custody services within traditional banking structures.