The OCC said authorized national banks could hold crypto under specific circumstances, citing examples under the recently passed GENIUS act.
The US Office of the Comptroller of the Currency (OCC) issued guidance to banks confirming their authority to hold specific cryptocurrencies for the purpose of paying network gas fees.
In a Tuesday notice, the OCC said US banks were allowed to hold crypto on their balance sheets to pay network, or gas fees, provided the transactions were for permissible activities. The regulator said that an authorized national bank “may hold amounts of crypto-assets as principal necessary for testing otherwise permissible crypto-asset-related platforms.”
“As with any activity, a national bank must conduct these activities in a safe and sound manner and in compliance with applicable law,” said the OCC.