{"id":23775,"date":"2025-05-08T11:52:20","date_gmt":"2025-05-08T08:52:20","guid":{"rendered":"https:\/\/forklog.com\/en\/us-regulator-highlights-broad-opportunities-for-banks-in-cryptocurrency-operations\/"},"modified":"2025-05-08T11:52:20","modified_gmt":"2025-05-08T08:52:20","slug":"us-regulator-highlights-broad-opportunities-for-banks-in-cryptocurrency-operations","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-regulator-highlights-broad-opportunities-for-banks-in-cryptocurrency-operations\/","title":{"rendered":"US Regulator Highlights Broad Opportunities for Banks in Cryptocurrency Operations"},"content":{"rendered":"<p>American banks can conduct crypto transactions at the request of clients, provide custodial services through third parties, and also prepare tax reports on digital assets. This is outlined in the clarification by the <span data-descr=\"Office of the Comptroller of the Currency\" class=\"old_tooltip\">OCC<\/span>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">OCC-regulated banks may buy and sell assets held in custody and are permitted to outsource bank-permissible crypto-asset activities, including custody and execution services. <a href=\"https:\/\/t.co\/0ScQdgNaS6\">https:\/\/t.co\/0ScQdgNaS6<\/a> <a href=\"https:\/\/t.co\/J5dEkx4WUL\">pic.twitter.com\/J5dEkx4WUL<\/a><\/p>\n<p>\u2014 OCC (@USOCC) <a href=\"https:\/\/twitter.com\/USOCC\/status\/1920180546837053516?ref_src=twsrc%5Etfw\">May 7, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The OCC regulates and supervises the activities of banks and savings associations at the federal level.<\/p>\n<p>In February, US President Donald Trump <a href=\"https:\/\/u1f987.com\/en\/news\/donald-trump-recommends-former-bitfury-lawyer-for-occ-leadership\">nominated<\/a> Jonathan Gould for the position of head of the OCC at the US Treasury. According to Ron Hammond of the Blockchain Association, if his candidacy is approved, the agency will simplify the creation of a regulatory framework for cryptocurrencies.<\/p>\n<p>In March, the OCC <a href=\"https:\/\/www.occ.treas.gov\/news-issuances\/news-releases\/2025\/nr-occ-2025-16.html\">revised<\/a> its 2021 position and revoked the <a href=\"https:\/\/www.occ.gov\/topics\/charters-and-licensing\/interpretations-and-actions\/2021\/int1179.pdf\">requirement<\/a> for prior approval from the regulator for banks planning to engage in activities related to digital assets.<\/p>\n<p>In January, the US Securities and Exchange Commission <a href=\"https:\/\/u1f987.com\/en\/news\/sec-lifts-ban-on-banks-holding-cryptocurrencies\">rescinded<\/a> rule SAB 121, which effectively prohibited banks from holding cryptocurrencies.<\/p>\n<p>In March, the <span data-descr=\"Federal Deposit Insurance Corporation\" class=\"old_tooltip\">FDIC<\/span> <a href=\"https:\/\/u1f987.com\/en\/news\/fdic-permits-crypto-related-activities-without-prior-approval\">allowed<\/a> supervised financial institutions to conduct &#8220;digital asset-related activities&#8221; without the need for prior agency consent.<\/p>\n<p>In April, the US Federal Reserve <a href=\"https:\/\/u1f987.com\/en\/news\/federal-reserve-revokes-anti-cryptocurrency-guidelines-for-banks\">announced<\/a> the repeal of guidelines that had deterred banks from working with cryptocurrencies.\u00a0<\/p>\n<p>The Federal Reserve, FDIC, and OCC also withdrew two 2023 recommendations that warned against fraud related to digital assets. The withdrawn joint statements indicated that unclear or misleading data from crypto companies could harm both private and institutional investors.\u00a0<\/p>\n<p>Earlier, US Senator Cynthia Lummis<a href=\"https:\/\/u1f987.com\/en\/news\/cynthia-lummis-dismisses-feds-crypto-guidance-withdrawal-as-noise\"> described<\/a> the repeal of the mentioned Federal Reserve recommendations as &#8220;noise.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>American banks can conduct crypto transactions at the request of clients, provide custodial services through third parties, and also prepare tax reports on digital assets. This is outlined in the clarification by the OCC. OCC-regulated banks may buy and sell assets held in custody and are permitted to outsource bank-permissible crypto-asset activities, including custody and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,36],"class_list":["post-23775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/23775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=23775"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/23775\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/23774"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=23775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=23775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=23775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}