U.S. banks officially allowed to custody cryptocurrency
New era for banks
The U.S. Office of the Comptroller of the Currency (OCC) has officially confirmed that cryptocurrency activities are now permitted within the federal banking system, marking a radical shift in the agency’s stance on the issue.
According to an official statement on the OCC website, during the first digital asset summit on Friday, President Donald Trump called for an end to the debanking of crypto companies.
"This decision will remove barriers for banks looking to engage in cryptocurrency activities and ensure a unified regulatory approach regardless of the underlying technology. I will continue to push for effective but not excessive regulations while maintaining a strong U.S. banking system," said Acting Comptroller of the Currency Rodney Hood.
The OCC, which regulates national banks and federal savings associations, has confirmed that crypto custody services, stablecoin transactions, and participation in independent node verification networks are now permissible activities for these institutions.
Additionally, the agency revoked a previous requirement that forced financial institutions to implement restrictive controls before engaging in crypto-related activities.
Trump opposes "Operation Choke Point 2.0"
Speaking at the White House crypto summit, Trump called for an end to "Operation Choke Point 2.0"—a term coined by Castle Island Ventures founder Nic Carter to describe the coordinated efforts of U.S. regulators to restrict crypto banking services following the collapse of the FTX exchange.
The OCC’s decision was welcomed by Senator Tim Scott, chairman of the Senate Banking Committee, who had just introduced a bill to prohibit the debanking of crypto companies.
"I’m grateful to @USOCC and Acting Comptroller Hood for reversing the harmful Biden-era policies that restricted digital asset access to financial services. Let’s make the U.S. the crypto capital of the world!" Scott wrote in X.
It is also worth noting that Trump has promised to sign a stablecoin bill by August during the crypto summit.
