The Office of the Comptroller of the Currency (OCC) is embracing the involvement of banks with cryptocurrency, provided that all activities are conducted within the bounds of the law. Recent public statements and regulatory letters from the OCC make clear that national banks and federal savings associations can engage in crypto-related services, such as custody, execution of transactions, and digital asset safekeeping. These activities must be accompanied by robust risk management and compliance with existing banking regulations.

Federal banking regulators—including the OCC, Federal Reserve, and FDIC—have jointly issued guidance outlining expectations for banks that choose to offer crypto-asset safekeeping. Rather than imposing new regulatory requirements, the agencies are steering banks to follow established principles of safety, soundness, and legal compliance. The guidance distinguishes between safekeeping (simply holding assets) and broader custody services, emphasizing that banks may provide these services in both fiduciary and non-fiduciary capacities. Those acting as fiduciaries must adhere to specific federal and state laws and oversee digital assets with the same diligence as traditional fiduciary assets.

The evolving regulatory stance is shifting towards greater flexibility for authorized crypto-banking activities, as long as proper controls and risk assessments are in place. Banks are expected to independently assess the operational, technological, legal, and compliance risks associated with digital asset activities before offering these services to clients. This approach is designed to give banking institutions the ability to innovate and participate in the digital asset market while ensuring their actions remain safe, sound, and fully compliant with all applicable laws. As digital assets become increasingly mainstream, regulatory agencies remain vigilant, guiding banks to responsibly integrate crypto services into the traditional banking system.