OCC Approves Crypto Services for U.S. Banks
Key Takeaways
The U.S. banking regulator OCC (Office of the Comptroller of the Currency) has officially confirmed that banks in the United States are allowed to custody and trade cryptocurrencies like Bitcoin on behalf of their clients. Collaboration with third-party providers is also permitted—provided that legal requirements are met. This decision marks another step toward integrating crypto-assets into the traditional banking system.
What Did the OCC Decide?
On May 7, 2025, the OCC published an “Interpretive Letter.” This document clarifies that national banks in the U.S. are allowed to offer the following cryptocurrency-related services:
- Custody of digital assets
- Trading cryptocurrencies on behalf of clients
- Collaboration with third-party providers to deliver these services
The condition: All activities must comply with relevant laws and adhere to security standards.
Expanded Services Possible
According to Rodney Hood, head of the OCC, banks may also offer additional services, including:
- Recordkeeping
- Tax-related services
- Reporting obligations related to crypto-assets
Here too, so-called sub-custodians—third-party providers—can be involved to handle these tasks.
Political Backing
The OCC’s decision aligns with current policy under the Trump administration. As early as March 2025, the regulatory agency had already allowed banks to work with cryptocurrencies and stablecoins. At the same time, an older and more restrictive framework from 2021 was repealed.
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The U.S. House Committee on Financial Services, currently led by Republicans, welcomed the OCC’s latest clarification. The committee announced plans to continue developing a legal framework for digital assets.
What Does This Mean for Stablecoins?
Stablecoins—digital currencies pegged to the value of fiat currencies like the U.S. dollar—stand to benefit significantly from this development. Their official inclusion in the banking system lends them greater legitimacy and could lead to increased usage in payment transactions. This, in turn, may pressure traditional banks to adapt their business models.
Regulation Remains Central
Despite opening up, the OCC emphasizes that all crypto-related activities will remain under strict supervision. Rodney Hood made it clear: Banks must ensure that all services are carried out safely, responsibly, and in compliance with the law. Regulation remains a central element in dealing with digital assets.
Our Assessment
The OCC’s decision is a milestone for the crypto industry in the U.S. It provides legal clarity and enables banks to actively participate in the crypto market. For you as a user, this means: more options, more trust, and potentially better services related to digital assets. At the same time, it shows that cryptocurrencies are increasingly becoming part of the established financial system—a trend you should keep an eye on, especially if you play or invest in crypto.
This development could also impact crypto casinos. If banks are able to handle digital currencies more easily in the future, deposits and withdrawals in Bitcoin & Co. could become significantly simpler and more secure.
Sources
- U.S. Office of the Comptroller of the Currency (OCC)
- U.S. House Committee on Financial Services
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