The US office of the currency secretary, which regulates national banks, has issued an interpretation that at the request of its clients, that institutions can buy and sell crypto assets in detention.
The newly explained policy stance announced by the OCC on Wednesday revealed that bankers can outsource cryptocurrency activities to third parties, including custody and enforcement services. As long as you check all the boxes of WatchDog’s security and sounding requirements, the OCC is giving crypto freedom to the bank.
This week’s move follows a reversal of a long-standing policy march that requires bankers to check with government supervisors before moving forward with new cryptocurrencies. “These letters show a change in the OCC’s approach,” said Katherine Kirkpatrick Boss, general counsel at Starkware and former chief justice officer at CBOE Digital, on social media site X. And the additional guidance that third parties are OK is “the benefit of regulated crypto native service providers.”
Read more: OCC says banks can engage in crypto custody and specific Stablecoin activities