The Office of the Comptroller of the Currency (OCC) remains the pivotal federal gatekeeper for US national banks in crypto. Through a series of interpretive letters, it has clarified that banks may custody digital assets, hold stablecoin reserves, and use blockchain for payments—without prior regulatory approval. For builders and users, this creates a clear path to integrate crypto with regulated financial infrastructure, though safety-and-soundness guardrails still apply.
What it is
The Office of the Comptroller of the Currency is a bureau of the US Treasury, founded in 1863. It charters, regulates, and supervises all national banks and federal savings associations. As the primary federal supervisor for these institutions, it ensures they operate safely and soundly while meeting community credit needs. With over 1,000 national banks under its purview, the OCC’s interpretive guidance carries significant weight—setting the baseline for what federally chartered banks can do, including in crypto.
Crypto framework and stance
The OCC does not directly regulate crypto assets; instead, it regulates the banks that engage with them. Its crypto framework is built on three landmark interpretive letters: IL 1170 (2020) allowing banks to provide crypto custody services; IL 1172 (2020) permitting banks to hold deposits serving as reserves for stablecoins; and IL 1174 (2021) authorizing banks to use independent node verification networks (INVNs) and stablecoins for payment activities.
In 2025, IL 1183 reaffirmed these permissions and removed the requirement that banks seek prior OCC approval before engaging in such activities, provided they manage risks appropriately. This cemented a permissive 2026 stance: national banks can enter crypto lines of business without case-by-case clearance, shifting the burden to robust internal controls. State-chartered banks remain subject to their state supervisors, like the New York State Department of Financial Services ↗, though the OCC’s guidance can influence the wider market.
Notable actions
The three original letters formed the backbone, but subsequent moves reinforced the position. In 2021, the OCC approved a national trust charter for Anchorage Digital, the first federal crypto bank charter, signaling acceptance of a dedicated digital asset banking model. IL 1174 explicitly endorsed banks using stablecoins for payment networks, an early federal nod to stablecoin utility.
The most consequential recent action is IL 1183 (2025), issued under Comptroller Rodney Hood. It not only reaffirmed the earlier letters but stripped the prior-approval condition, giving national banks immediate operational certainty. These actions collectively mean that as of 2026, a national bank can custody Bitcoin, back a stablecoin with fiat reserves, and settle payments on a public blockchain—so long as its risk management is sound.
Key figures
The key figure is Rodney Hood, who became Acting Comptroller in 2025. Hood moved quickly to issue IL 1183, locking in the permissive crypto framework. His term has so far prioritized regulatory clarity and reducing administrative hurdles for banks that wish to innovate. While the OCC has seen shifting leadership in prior administrations, Hood’s tenure has been marked by a consistent, enabling approach to crypto banking.
What it means for users and builders
For users, OCC-sanctioned custody means assets can sit with a federally regulated, FDIC-insured (for deposits) entity, though crypto itself is not insured. Stablecoin holders may benefit from reserves held in a national bank, adding a layer of confidence. For builders, national banks become potential partners for custody, on/off-ramping, and reserve management. The removal of prior approval lowers the barrier to entry for banks, potentially increasing competition and service offerings.
However, the OCC’s letters are not a blanket license. Banks must maintain capital, liquidity, and operational controls, and the OCC retains enforcement power if risks are not managed. Crypto firms seeking a bank charter still face a rigorous process, as seen with Anchorage Digital, and must navigate overlapping expectations from the SEC ↗ and CFTC ↗ on asset classification.
Outlook
IL 1183’s no-prior-approval rule sets a durable benchmark, insulating the framework from political shifts as long as safety and soundness remain paramount. The OCC is likely to maintain this posture, focusing on supervising crypto activities rather than blocking them. Coordination with other regulators will intensify, especially as stablecoin legislation matures. The net effect: national banks will continue to absorb crypto, making it a fixture of the traditional banking system.