The U.S. Office of the Comptroller of the Currency set out to clarify that crypto activities are allowed in the federal banking system, representing a major reversal of its previous position. On Friday, President Donald Trump called for an end to crypto debanking, during the inaugural digital asset summit.
“Today’s action will reduce the burden on banks to engage in crypto-related activities and ensure that these bank activities are treated consistently by the OCC, regardless of the underlying technology," Acting Comptroller of the Currency Rodney Hood said in a statement on Friday. "I will continue to work diligently to ensure regulations are effective and not excessive, while maintaining a strong federal banking system.”
In its letter, the OCC, which regulates and supervises national banks and federal savings associations, confirmed that "crypto-asset custody, certain stablecoin activities, and participation in independent node verification networks ... are permissible for national banks and federal savings associations."
The agency said it also takes back a requirement that institutions implement restrictive controls before engaging in crypto activities, according to the statement.
Trump spoke about debanking during the White House crypto summit, explicitly calling for an end to "Operation Choke Point 2.0," a term coined by Castle Island Ventures founder Nic Carter to describe the coordinated attempt from several federal agencies to limit crypto banking activity following the collapse of crypto exchange FTX.
Crypto debanking has become a hot topic among lawmakers across the aisle in recent months amid increased criticism from crypto firms and industry participants who say they face challenges when looking to establish and maintain bank accounts in the U.S.
The Biden administration "strong-armed banks into closing the accounts of crypto businesses and entrepreneurs, effectively blocking some money transfers to and from exchanges, and they weaponized government against the entire industry," Trump said. "I know that feeling also, maybe better than you do."
Senate Banking Committee Committe Chair Tim Scott, who introduced a bill aimed at stopping crypto debanking on Thursday, took note of the OCC's action.
"I’m grateful to @USOCC Acting Comptroller Hood for taking much-needed action to rescind harmful Biden-era guidance which made it difficult for the digital assets industry to access financial services," Scott said in a post on X on Friday. "Let's make the U.S. the crypto capital of the world!"
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