The Office of the Comptroller of the Currency (OCC) issued a key policy on December 9, 2025, officially allowing national banks to engage in 'riskless' transactions of crypto assets under certain conditions. Let's take a look at the core information of this new policy.
Issuing Authority: Office of the Comptroller of the Currency (OCC)
Document Name: Interpretive Letter 1188
Core Content: Approval for national banks to engage in 'riskless principal transactions' in crypto assets
Business Model: Banks act as 'risk-neutral' intermediaries, acquiring an equivalent amount of crypto assets from sellers immediately after receiving buy orders and delivering them to buyers, without holding crypto asset inventories themselves and without bearing price volatility risks. Their function is similar to that of traditional brokers.
Key Requirements: Banks must conduct activities in a safe and sound manner, comply with applicable laws such as anti-money laundering (AML), and report to the OCC in advance.
Market Impact and Policy Background:
Lowering the Bar for Banks: The new regulation fundamentally addresses the issues of balance sheet volatility and regulatory risks faced by banks directly holding crypto assets. Banks are no longer required to include crypto assets on their balance sheets, allowing them to participate in the market as 'intermediaries' with a lighter asset model, significantly lowering the entry barrier. This indicates that more institutional funds may flow into the crypto space through traditional banking channels.
Continuation of Regulatory Attitude: This is not a sudden shift by the OCC, but rather the latest step in a series of measures to gradually ease banks' participation in the crypto market. For example, in March 2025, the OCC removed the requirement for banks to obtain prior approval for certain crypto activities (such as custody). Additionally, the new Comptroller, Jonathan Gould, has a background in the blockchain industry, and his appointment is seen as a sign of a more lenient regulatory policy.
For ordinary investors, this policy has also brought positive changes:
More Convenient Entry Channels: In the future, investors are expected to purchase and sell cryptocurrencies directly through their familiar traditional banks or their wealth management platforms (such as related services from Bank of America Merrill Lynch), with a more familiar process and potentially greater sense of security.
