Catenaa, Saturday, March 15, 2025-The US Office of the Comptroller of the Currency (OCC) has lifted restrictions on banks engaging with cryptocurrencies, just hours after President Donald Trump vowed to end regulatory barriers affecting the industry.
In a March 7 statement, the OCC announced that national banks and federal savings associations can now offer crypto custody, stablecoin-related services, and participate in blockchain networks without prior approval. The policy shift, outlined in Interpretive Letter 1183, removes the requirement for banks to seek regulatory “nonobjection” before engaging in digital asset activities.
Acting Comptroller Rodney E. Hood said the move aims to reduce burdens on banks and ensure fair regulatory treatment. The OCC noted that improved understanding of the crypto sector led to the rollback of restrictions.
While the decision was welcomed by the industry, Custodia Bank CEO Caitlin Long warned that the broader crackdown remains until the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) withdraw their “anti-crypto” policies.
The announcement coincided with Trump’s remarks at the White House Crypto Summit, where he criticized regulators for blocking crypto firms’ access to banking services.
“They weaponized the government against the industry,” he said, pledging that such actions would soon end.
