The Office of the Comptroller of the Currency (OCC) has clarified that Federal Banks are now permitted to carry out “certain cryptocurrency activities.” Industry leaders have described this as the biggest news of the week, and the OCC now confirms that the war on crypto is officially over.
The OCC, Federal Banks, and Crypto
On March 7, the OCC published Interpretive Letter 1183, which clarified banks’ participation in crypto-asset custody. Federal Banks can also participate in certain stablecoin activities to reaffirm their role in the payment sector.
In addition to these two, the OCC said banks may engage in some Decentralized Finance (DeFi) activities. These include taking up an independent role in node verification for blockchain protocols.
In addition to these allowances, the Currency Comptroller also rolled back the need for licenses by banks before participating in these DeFi activities. Ultimately, the OCC clarified that banks may also pursue these crypto activities without proof that they have “adequate controls in place before they can engage in these cryptocurrency activities.”
This is a developing story, please check back for updates!!!
The post Breaking: OCC Clears Federal Banks to Engage In Crypto Activities appeared first on CoinGape.
