The US Financial Currency Office (OCC) confirmed that the banks under their jurisdiction can trade encryption on behalf of customers and the use of external sources of some encryption activities to third parties.
Representation Rodney Hood observer He said In a letter on May 7, banks and federal savings associations can buy and sell the encryption they keep towards customers.
OCC Add In a press release that financial institutions can also use external sources of encryption activities for the bank, including custody and implementation services, to third parties in accordance with the applicable law.
“In addition, these banks may provide other custody services, including saving records, taxes or reporting services to their customers,” Hood He said In a video on May 7, it was posted on X.
OCC banks may buy and sell assets detained in reservation and allowed to use external sources of encryption activities for the bank, including custody and implementation services. https://t.co/0SCQDGNAS6 pic.twitter.com/j5dekx4wul
OCC (@usocc) May 7, 2025
“OCC’s sub -intermediate banks may be used to provide the same services subject to risk management practices from the appropriate third party, while a group of cryptocurrencies and digital assets activities may be implemented by banks and its third parties,” he added.
Previously, OCC relieved its position on how to deal with banks with Crypto on March 7 by giving the green light to coding coded assets, some stablecoin activities, and participating in independent knot verification networks such as distributed tapes books.
Hood said: “More than 50 million Americans carry a form of encrypted currency. This digitization for financial services is not a trend, it is a transformation,” Hood said.
OCC is an independent office within the US Treasury Organize It is supervised by all national banks as well as the federal branches of foreign banks.
Industry supports OCC messages
Catherine Kirkpatrick Boss, General Adviser at the Zk-Rollup Starkware developer, He said The letters indicate “a shift in the OCC approach”, which now seems to be preferred to focus on integrating encryption into banking frameworks.
“More guidance will give more clarity [and] Banks will be allowed to re -enter the encryption [without] She said that the fear of existential organizational risks.
She added that “the explicit, frank permission that allows banks to use external sources of the permitted coded bank is a blessing for the original services providers for encryption.”
Fariar Sherzad, chief policy in Crypto Exchange, clapped this step, Saying On May 7 to X, Hood is estimated to be “organizational clarity, as well as his commitment to best supervisory practices and law.”
The Trump administration has taken a more friendly attitude towards encryption since it came to power in January.
Related to: Lessons learned in the 2.0 Planette process of Congress
In April, the US Federal Reserve announced that it withdraws the directions that were created to deter banks from engaging in encryption and nails.
US President Donald Trump also signed a joint decision in Congress on April 11, and canceled the base of the administration’s administration’s era, which required decentralized financing protocols to report transactions to the internal revenue department.
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