US Banks Now Authorized to Offer Crypto Custody Services

On May 7, 2025, the Office of the Comptroller of the Currency (OCC) issued Interpretive Letter 1184, providing clarity on cryptocurrency activities for financial institutions. This clarifies that national banks and federal savings associations can now offer crypto-asset custody and execution services to customers. Specifically, these institutions can facilitate buying and selling of crypto-assets held in custody at their customer’s direction. They are also allowed to partner with third parties for these services as long as they implement proper risk management practices to mitigate potential risks associated with outsourcing.