OCC Clarifies National Banks' Role in Risk-Free Crypto Asset Transactions

According to Odaily, the U.S. Office of the Comptroller of the Currency (OCC) has issued interpretive letter 1188, confirming that national banks are permitted to engage in risk-free principal crypto asset transactions. These transactions involve banks acting as principals in crypto asset trades with one client while conducting offsetting trades with another client. In this role, banks serve as intermediaries without holding crypto asset inventories, similar to brokers acting as agents. As with any activity, national banks must conduct these transactions in a safe and sound manner and comply with applicable laws.