The OCC announced on Tuesday that national banks in the United States are now permitted to act as intermediaries in cryptocurrency trades, allowing them to conduct what are known as “riskless principal” crypto-asset transactions.
Under the new guidance — codified in Interpretive Letter 1188 issued by the OCC — a bank may buy a crypto asset from one customer and simultaneously sell it to another, essentially matching offsetting trades. In doing so, the bank does notmaintain the cryptocurrency on its own balance sheet — functioning like a broker rather than a proprietor of crypto holdings.
What changed — and why it matters
Previously, U.S. banks could offer certain crypto-related services such as custody or stablecoin-related infrastructure under earlier regulatory letters. But this latest move broadens the permissible scope — enabling banks to facilitate actual crypto trades on behalf of customers without taking on inventory or market-exposure risk.
Supporters regard this development as a major step toward integrating digital assets into traditional finance. By enabling regulated banks to intermediate crypto transactions, the risk, complexity, and compliance demands associated with dealing with unregulated or decentralized platforms may be reduced for retail and institutional clients alike.
The OCC emphasized that banks engaging in these “riskless principal” activities must do so in a “safe and sound manner” and comply with all applicable laws, including anti-money laundering and customer-due-diligence standards.
Reaction from the industry and regulators
The guidance arrives amid a broader push by U.S. regulators to clarify — and in some cases expand — the role of banks in the crypto and digital-asset ecosystem. As of November 2025, the OCC already allowed banks to hold crypto on their balance sheet in limited circumstances, such as paying blockchain network fees (“gas fees”) for valid transactions.
Some in the crypto industry welcomed the change, saying it could decrease fragmentation, offer stronger regulatory oversight, and encourage wider institutional adoption. Others — including policy watchers — cautioned that mixing traditional banking and crypto markets could raise systemic-risk concerns, especially given the volatility and regulatory opacity that still surround many digital assets.
What’s next — and what to watch
- Banks that choose to offer these intermediary services will need to build or expand compliance and risk-management infrastructure.
- Observers will watch whether major national banks — beyond pure crypto-native firms — step into the role, potentially reshaping retail and institutional access to cryptocurrencies.
- Regulators and lawmakers may monitor the impacts on financial stability, consumer protection, and anti-money laundering compliance.
This guidance marks a significant shift in how U.S. banks can interact with digital assets — potentially bridging traditional finance and the crypto market, while putting in place a regulated path for crypto intermediation.
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