Custody and Trading Services Authorized

In an official statement released on May 7, the OCC announced that national banks and federal savings associations may buy and sell crypto assets in custody at the direction of their clients. Additionally, services such as custody, recordkeeping, tax reporting, and other back-office operations can now be carried out either in-house or through external service providers.

Acting Comptroller Rodney Hood emphasized that banks operating under the OCC’s supervision may delegate custody responsibilities to sub-custodians, as long as appropriate third-party risk management practices are followed.

A Shift from Earlier Policies

Back in March, the OCC had already begun loosening restrictions by permitting banks to engage in crypto custody, certain stablecoin-related activities, and to participate in decentralized networks such as blockchain validators. These regulatory adjustments signaled a shift toward embracing the evolving financial ecosystem.

“More than 50 million Americans currently hold some form of cryptocurrency. This isn’t a passing trend—it’s a transformation in how financial services are delivered,” Hood stated, underscoring the growing relevance of digital assets in mainstream finance.

Industry Response: A Positive Step Forward

Katherine Kirkpatrick Bos, general counsel at StarkWare, described this move as a “notable pivot” in the OCC’s regulatory approach. She said it provides reassurance for banks looking to re-enter the crypto space without fearing existential compliance risks.

The crypto sector also welcomed the change. Faryar Shirzad, chief policy officer at a major crypto exchange, praised the OCC’s emphasis on regulatory clarity and adherence to well-established supervisory practices.

Changing Political Winds Favor Crypto

Since taking office in January, the Trump administration has adopted a more crypto-friendly stance. In April, the US Federal Reserve withdrew earlier guidance that discouraged banks from engaging in crypto and stablecoin activities.

Furthermore, on April 11, President Trump signed a resolution nullifying a prior rule that would have required decentralized finance (DeFi) protocols to report transactions to the Internal Revenue Service.

Together, these policy shifts highlight a more open and cooperative approach to crypto regulation in the US banking sector.

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