Pete Schroeder
Washington (Reuters) -American regulator monitored National Banks on Friday that banks could be involved in some crypto activities and eliminated the expectations that companies should receive a pre -permission from the regulator before.
The currency supervisor’s office said in a statement that national banks were allowed to be involved in some crypto activities, such as the custody of the crypto-imhevine, some stabiblecoin activities and participation in distributed networks.
The OCC also abolished previous guidelines by telling banks that they should previously clean up crypto activities with regulators, including the show that they have appropriate control for the job.
Rodney Hood, an acting supervisor, said in a statement that new guidelines make it clear that banks must have risk management regardless of technology. The announcement arrived the same day when the White House hosted a cryptocurrency summit, and for hours after President Donald Trump signed an executive order that established a strategic reserve for Bitcoin and a few other cryptocurrencies.
“Today’s action will reduce the burden of banks to deal with cryptocurrencies related to cryptocurrencies and ensure that the OCC on OCC is consistently treated, regardless of the basic technology,” Hood said in a statement.
In particular, the OCC on Friday abolished the guidelines for banks issued under the administration of former President Joe Biden, which effectively set up additional protectors for banks who wanted to get involved in some cryptocurrencies. The abolished letters told the banks that they should before get to know their supervisors about the crypto activities, to show how they would cope with risks and ensure that the supervisor had no complaints.
The OCC also withdrawn from joint statements previously issued by US regulators effectively warning banks to deal with cryptocurrencies. One such statement, published in 2023, did not ban the banks to perform a crypto business, but warned that the sector was prone to “significant volatility” and said that any bank activity would be carefully reviewed.
(Peta Schroeder reporting; Chris Reese and David Gregorioa
