OCC Clears Banks to Hold Cryptocurrency on Balance Sheets, Reversing Policy Since 2020
The Office of the Comptroller of the Currency (OCC) has formally cleared national banks to hold cryptocurrency on their balance sheets and spend it for on-chain operations, marking the most significant policy shift for bank crypto since 2020.
A new interpretive letter allows banks to hold crypto as a principal to pay gas fees on blockchains used for permissible banking activities, including settlement and running blockchain-based platforms. Additionally, banks may hold digital assets for testing crypto-related systems, whether developed internally or provided by third parties.
Adam Cohen, the OCC's senior deputy comptroller and chief counsel, explained that this change enables banks to perform long-existing activities more efficiently and reduces reliance on outside counterparties for small crypto holdings.
This move departs from the previous Biden-era stance that discouraged bank interaction with public blockchain networks; under that policy, banks required explicit supervisory approval for crypto activities. Earlier in 2025, the OCC rescinded the Biden-era approval requirement through Interpretive Letter 1183, which authorized crypto custody, stablecoins, and blockchain participation without pre-clearance. Following that, banks were allowed to buy and sell crypto held in custody for clients. The current letter extends that authority to banks holding assets on their own balance sheets.
