US Regulator Says Banks Can Engage in Some Cryptocurrency Activities

The OCC reversed a decision made in 2021 and said it was withdrawing from joint statements on crypto risks issued to banks.

An illustration representing bitcoin and U.S. currencies displayed on a screen at the Interpol World Congress in Singapore on July 4, 2017. Dominic Gwinn/AFP via Getty Images

A U.S. regulator said on March 7 that banks can engage in some activities related to cryptocurrencies.

The Office of the Comptroller of the Currency (OCC) clarified in a statement that the permitted activities include keeping hold of crypto assets and maintaining reserves for stablecoins, a class of crypto that features prices tied to other assets.