Key Takeaways

  • The OCC grants US banks authority to hold crypto for network fees (gas fees).
  • The notice permits banks to hold crypto on their balance sheets for permissible activities.
  • The guidance builds on a prior letter allowing banks to handle digital assets on behalf of customers.
  • The OCC cites the GENIUS Act signed in July, establishing a regulatory framework for payment stablecoins.
  • The guidance highlights the increasing integration of digital assets into traditional banking.

Full Details

The US Office of the Comptroller of the Currency (OCC) has issued significant guidance to national banks, confirming their authority to hold specific cryptocurrencies for the purpose of paying blockchain network fees, also known as gas fees. This development marks a notable step forward in the integration of digital assets into the traditional banking sector. According to the notice released on Tuesday, US banks are now permitted to hold crypto on their balance sheets to pay network or gas fees, provided the transactions are for permissible activities. The regulator stated that an authorized national bank “may hold amounts of crypto-assets as principal necessary for testing otherwise permissible crypto-asset-related platforms.”

The OCC emphasized that national banks must conduct these activities in a safe and sound manner and in compliance with applicable law. This notice expands upon a previous letter issued in May, which informed banks that they could handle digital assets on behalf of their customers and outsource certain crypto activities to third parties. Both sets of guidance come amid the OCC adopting a different tone on crypto under the Trump administration, reducing the regulatory burden on financial institutions.

The Tuesday letter cites the GENIUS stablecoin bill signed into law in July, which establishes a regulatory framework for payment stablecoins. According to the OCC, stablecoin transactions at authorized national banks will likely require network fees, allowing the bank to pay through assets in its custody or via an agent.

Implementing GENIUS Act, Looking to Pass Market Structure

Although the stablecoin bill was signed into law in July, the legislation is still likely to be months away from implementation, as the US Treasury and Federal Reserve need to finalize the regulations. In the meantime, lawmakers in the US Senate are reportedly moving forward with negotiations to pass a digital asset market structure bill, considered by many in the industry to be the most significant crypto-related law under consideration.


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