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US regulator clears path for banks to engage in some crypto activities - REUTERS
WASHINGTON, March 7 (Reuters) - The U.S. regulator overseeing national banks clarified Friday that banks can engage in some crypto activities, and removed expectations firms should receive advance permission from regulators before doing so.
The Office of the Comptroller of the Currency said in a statement that national banks are permitted to engage in some crypto activities, such as crypto-asset custody, some stablecoin activities, and participation in distributed ledger networks.
The OCC also rescinded prior guidance telling banks they should clear crypto activities with regulators beforehand, including showing they have adequate controls in place for that business.
Rodney Hood, acting comptroller, said in a statement that the new guidance makes clear banks must have risk management in place regardless of technology.
The announcement came on the same day the White House hosted a crypto summit, and hours after President Donald Trump signed an executive order establishing a strategic reserve for bitcoin and a handful of other cryptocurrencies.
