cryptocurrency

OCC authorizes banks to use blockchains and stablecoins for payments

By Rene T. McNulty on January 7, 2021

Posted in OCC, Regulatory and Enforcement, Virtual Currency

On January 4, 2021, the Office of the Comptroller of the Currency (“OCC”) published an Interpretive Letter clarifying the authority of national banks and federal savings associations to participate in independent node verification networks (“INVN”) and use stablecoins to conduct payment activities and other bank-permissible functions.

A stablecoin is a type of cryptocurrency that is…

OCC announces national banks and federal savings associations can provide custody services for crypto assets

By Peter D. Hardy on July 27, 2020

Posted in OCC, Regulatory and Enforcement

The OCC issued a letter last week stating that “a national bank [and a federal savings association] may provide . . . cryptocurrency custody services on behalf of customers, including by holding the unique cryptographic keys associated with cryptocurrency.” The letter also reaffirms the OCC’s position that “national banks [and federal savings associations] may provide…