The Office of the Comptroller of the Currency (OCC) has granted federal banks the authority to engage in various cryptocurrency activities, including stablecoin transactions, crypto custody, and decentralized finance (DeFi) participation. In a major policy shift, the OCC confirmed that banks can now validate blockchain transactions and act as independent nodes without requiring additional licenses or proving operational safeguards.
This regulatory update signals a pivotal moment for crypto in the U.S., aligning with the Trump administration’s broader efforts to support digital asset adoption. The OCC also withdrew its participation from previous joint statements warning banks about crypto-related risks, effectively marking the end of Operation Chokepoint 2.0.
The move comes just days after the White House Crypto Summit, where President Trump reaffirmed his commitment to fostering a favorable environment for the industry. He pledged to sign key crypto legislation by August, further cementing a new era for digital asset regulation.
Despite the positive regulatory shift, concerns about potential market centralization have emerged. Industry leaders warn that major banks, already investing in Bitcoin ETFs, could leverage their newfound access to accumulate digital assets at scale, potentially impacting market dynamics. Solana founder Anatoly Yakovenko has cautioned that increased governmental involvement may threaten the decentralized ethos of the crypto space.
Following the OCC’s announcement, the broader crypto market saw a brief downturn, with Bitcoin dropping 4.06% to $86,600, pulling altcoins down with it. However, long-term sentiment remains optimistic as regulatory clarity paves the way for greater institutional involvement.
0 Comments