OCC Greenlights Banks Crypto Services Stocks Surge
1min read The Office of the Comptroller of the Currency (OCC) has issued a series of interpretive letters that mark a significant shift in U.S. regulatory attitudes toward digital assets. This move coincides with the first-ever White House Crypto Summit, indicating a broader effort to integrate digital assets into the mainstream economy.
For years, the American banking system has been largely hostile to cryptocurrency, often denying services to blockchain-based businesses and earning the nickname “Operation Chokepoint 2.0.” However, the OCC’s latest guidance removes key barriers, enabling national banks to engage more freely with digital assets while maintaining robust risk management frameworks.
The OCC, an independent entity within the U.S. Department of the Treasury, regulates and supervises national banks to ensure they operate safely and fairly. Historically, the OCC has been cautious about allowing banks to engage in cryptocurrency-related activities, requiring additional approvals and imposing heightened scrutiny. However, under the leadership of Acting Comptroller Rodney E. Hood, appointed in early 2025, the OCC is now adopting a more innovation-friendly approach.
On March 7, 2025, the OCC officially declared that banks can now provide cryptocurrency-related services, including custody, stablecoin reserves, and blockchain participation, without requiring special approval. This rescinds prior restrictive guidance from the Biden administration, which mandated that banks preemptively consult with regulators before engaging in crypto activities. In effect, the OCC’s new stance treats crypto services as part of traditional banking, eliminating the extra regulatory hurdles that previously deterred financial institutions from entering the space.
“Digital assets should and need to be a part of the American economy,” said Rodney E. Hood, Acting Comptroller of the Currency. “I’m committed to developing a regulatory framework for digital assets to foster innovation while maintaining the safety, soundness, and fairness of the federal banking system.”
The new interpretive letters overturn Interpretive Letter 1179 from 2021, which imposed strict oversight requirements on banks seeking to engage in crypto-related activities. Under the revised policy, national banks are now authorized to provide cryptocurrency custody services for clients, ensuring the secure storage and management of private keys. They are also permitted to hold stablecoin reserves, specifically for stablecoins backed one-to-one by U.S. dollars. This confirms that banks can maintain these reserves if 