US Banks can now hold crypto for customers
On May 7, 2025, the Office of the Comptroller of the Currency (OCC) issued Interpretive Letter 1184, which clarifies that national banks and federal savings associations are permitted to offer crypto-asset custody and execution services.
his means these financial institutions can facilitate the buying and selling of crypto-assets held in custody at the direction of their customers.
Additionally, they are allowed to partner with third parties to provide these services, as long as they implement proper risk management practices to mitigate potential risks associated with outsourcing.
This recent guidance builds on earlier communications from the OCC, specifically Interpretive Letters 1170 and 1183, which outlined the authority of banks to engage in various crypto-asset activities.
