Regulators Reaffirm Bank Authority to Engage in Cryptocurrency Activities
On March 7, 2025, the Office of the Comptroller of the Currency (OCC) published Interpretive Letter 1183, which is expected to clarify and streamline
national banks' ability to engage in cryptocurrency activities. The letter rescinds previous supervisory requirements and reaffirms that national
banks and federal savings associations may engage in certain crypto-related activities under federal banking law. The OCC's new Interpretive Letter
1183 rescinds Interpretive Letter 1179 (November 18, 2021), which had required banks to obtain prior supervisory non-objection before engaging in
crypto activities.
On March 28, 2025, the Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution Letter (FIL-7-2025) that provides new guidance
for FDIC-supervised institutions engaging or seeking to engage in crypto-related activities. The new guidance, which rescinds FIL-16-2022, clarifies
that FDIC-supervised institutions may engage in permissible crypto-related activities without receiving prior FDIC approval, provided they adequately
manage the associated risks.
"With today's action, the FDIC is turning the page on the flawed approach of the past three years," said FDIC Acting Chairman Travis Hill.
"I expect this to be one of several steps the FDIC will take to lay out a new approach for how banks can engage in crypto- and blockchain-related
activities in accordance with safety and soundness standards."
"A new approach for how banks can engage in crypto- and blockchain-related activities"
The FDIC will continue to engage with the President's Working Group on Digital Asset Markets and expects to issue further guidance in the future to
provide additional clarity regarding banks' engagement in particular crypto-related activities. The FDIC will also work with the other banking agencies
to replace interagency documents related to crypto-assets with further guidance or regulations.
The OCC Interpretive Letter - Click Here
The FDIC Financial Institution Letter - Click Here