On March 7, 2025, the OCC issued a letter to reaffirm that a range of cryptocurrency activities are permissible in the federal banking system. Through Interpretive Letter 1183, the OCC confirmed that crypto-asset custody, certain stablecoin activities, and participation in independent node verification networks such as distributed ledger are permissible for national banks and federal savings associations.
The OCC previously issued three interpretive letters in 2020 and early 2021 regarding the permissibility of national banks and federal savings associations engaging in crypto-asset activities. The OCC will review the activities outlined in Interpretive Letters 1170, 1172, and 1174 as part of its ongoing supervisory process.
Interpretive Letter 1183 also rescinds Interpretive Letter 1179, which was issued on November 18, 2021. The previous letter discussed the requirement for OCC-supervised institutions to obtain a supervisory non-objection and to demonstrate that they have adequate controls in place before engaging in cryptocurrency activities. According to the OCC, the rescission is intended to reduce burden, encourage responsible innovation, and enhance transparency.
Read the OCC’s news release here.
Interpretive Letter 1183 can be found here.