Banks Can Now Hold Crypto for Network Fees and Testing
The Office of the Comptroller of the Currency (OCC) has made a significant announcement. U.S. national banks can now hold cryptocurrency on their balance sheets. This move is aimed at paying for blockchain network fees and testing crypto platforms.
Why This Matters
- Blockchain networks require their own tokens to process transactions, known as "gas fees."
- These fees are unavoidable, much like paying for postage when sending a letter.
- Banks can now keep some crypto to cover these costs, either for their own services or to assist their customers.
Legal Clarifications
The OCC has clarified that these activities are "incidental to the business of banking." This means they are legal as long as they help banks serve customers or improve operations. Crypto is just the latest addition to the list of assets banks need to hold.
Risks and Limitations
- Banks must manage risks such as operational, market, liquidity, cybersecurity, and legal risks.
- They cannot hold too much crypto; it should be a small part of their overall capital.
Leadership and Context
This news comes under the leadership of Comptroller Jonathan Gould, confirmed in July 2025. Under his watch, the OCC has been more open to crypto, allowing banks to:
- Act as nodes on blockchain networks.
- Offer crypto custody services.
- Work with stablecoins.
Broader Implications
While broader rules for stablecoin issuers under the GENIUS Act are still being drafted, the OCC's move shows that U.S. regulators are willing to let banks participate in crypto safely and efficiently.
Accelerating Crypto Adoption
As more banks explore digital assets, this guidance could speed things up. It's like building a bridge between traditional finance and blockchain, giving banks a clearer way to use crypto in their everyday operations.
Additional Services
Earlier this year, the OCC also allowed national banks and federal savings associations to offer:
- Cryptocurrency custody and trading services.
- Buying and selling digital assets on behalf of customers.
- Outsourcing crypto activities to third parties.
- Providing services like recordkeeping, tax reporting, and compliance.
