The US Office of the Comptroller of the Currency has officially confirmed that national banks can help customers complete cryptocurrency trades without holding the assets themselves — a shift that brings traditional banking deeper into the digital asset market.
Banks Cleared to Act as Middlemen in Crypto Trades
The OCC issued a new interpretive letter stating that national banks can facilitate cryptocurrency transactions as riskless principals. In this setup, a bank can execute a trade with one customer and immediately offset it with another, mirroring the same model used in traditional markets. The move lets banks offer regulated crypto brokerage services without adding volatile assets to their balance sheets.
The regulator noted that several institutions already expressed interest in offering these services. Allowing customers to transact crypto through a regulated bank, rather than relying on less regulated platforms, could help expand access while boosting trust in the market.
Legal Boundaries Still Apply, With Risk Management Required
Even with this green light, banks must still verify that any crypto-related activity is legally permissible and consistent with their chartered powers. The OCC emphasized the need for solid processes to manage operational, compliance and market risks before engaging in these services.
Counterparty credit risk, specifically settlement risk, remains the key concern in riskless principal transactions. The agency added that banks already have experience managing these risks, and the same principles apply when dealing with digital assets.
A Sign of Broader Policy Shifts Toward Crypto
The OCC reaffirmed that these transactions fall within the “business of banking,” citing 12 U.S.C. § 24. The guidance distinguishes between crypto assets that qualify as securities, noting that riskless principal trades involving securities are already clearly permitted under existing law. The letter arrived just one day after Comptroller Jonathan Gould said crypto firms seeking federal charters should be treated like any other financial institution.
Gould argued that the banking system is designed to evolve and that there is no reason digital asset companies should be seen differently, especially as banks have offered electronic custody services for decades. The stance reflects a sharp contrast from the previous administration, where some industry advocates accused regulators of adding unnecessary pressure on banks working with crypto firms. Since President Trump took office after campaigning on support for the sector, federal policy has taken a noticeably more crypto-friendly turn.