The news: Some financial institutions (FIs) no longer need prior Office of the Comptroller of the Currency (OCC) approval to engage in crypto-related activities, per PYMNTS.
This follows the Security and Exchange Commission’s (SEC’s) reversal of controversial accounting guidance for crypto assets—marking a trend in easing regulatory burdens related to digital currencies.
The details: The OCC issued Interpretive Letter 1183, clarifying that national banks and federal savings associations can engage in crypto-asset custody, stablecoin activities, and distributed ledger participation. And crypto-asset custody breaks down as follows: