The U.S. Office of the Comptroller of the Currency issued a nonbinding interpretive letter confirming national banks can intermediate crypto-asset trades as riskless principals (entering an offsetting trade without holding the asset on their balance sheet). The letter states this activity falls within the “business of banking” under 12 U.S.C. § 24, but requires banks to verify legal permissibility under their charters and to maintain procedures to manage operational, compliance, counterparty credit and settlement risks. The guidance follows comments from OCC head Jonathan Gould advocating equal treatment for crypto firms and comes amid a broader federal shift toward a more permissive stance on digital assets.

OCC issued a nonbinding interpretive letter confirming national banks can act as riskless principals and said the activity falls within the “business of banking” under 12 U.S.C. § 24; the letter also requires banks to verify charter permissibility and maintain procedures to manage operational, compliance, counterparty credit and settlement risks. The guidance is therefore enabling but nonbinding and conditional on bank controls.