Federal regulators have changed their approach to digital assets. The U.S. Office of the Controller of the Currency has allowed banks to conduct cryptocurrency transactions as 'risk-free intermediaries' for the first time. The decision marks a significant turnaround after several years of a tough stance on the industry.
What exactly have the banks been allowed?
The new circular allows banks to organize transactions between clients and counterparties in such a way that assets do not appear on their balance sheets. Institutions can act as intermediaries and match orders, effectively providing clients with access to the cryptocurrency market without taking on market risk.
This format removes key legal barriers: crypto assets remain off the banks' books, and the transaction itself qualifies as a 'matched transaction' with minimal fluctuations for bank reports.
A turnaround after a period of strict oversight
From 2021 to 2024, the OCC and the Fed adhered to a strict regulatory policy. The focus was on liquidity risks, high volatility, and the opacity of transactions. Banks were effectively prohibited from systemic programs, limiting themselves to pilots with minimal coverage.
Now the OCC recognizes that the market has matured and the infrastructure has become more transparent. The letter states that the new policy aims to create fair conditions for serviced clients and reduce dependence on unregulated platforms.
How will this change the banking sector?
The decision paves the way for the emergence of hybrid banking models. Credit organizations will be able to integrate digital services — settlements, exchanges, execution of transactions for clients — while maintaining the traditional system of control, reporting, and protection.
Until now, only a few had special licenses for crypto operations. Anchorage Digital remained an exception rather than the rule. Now, the barrier to entry into the industry is lowered.
Why did the regulator take a step forward?
The OCC emphasizes that clients will gain more secure access to digital assets:
transactions go through verified institutions
the risk of interaction with anonymous counterparties disappears
AML/KYC procedures are followed
all processes are subject to federal oversight
Banks are required to adhere to reliability standards and provide the regulator with a complete overview of their activities. The OCC will consider crypto services during regular inspections.
What does this mean for the industry?
The market receives the last missing element — institutions of traditional finance can officially become the entry point for retail clients and the corporate sector. This expands liquidity, increases trust, and accelerates the convergence of digital and traditional markets.
#crypto #usa #bank #Write2Earn
