Bank of America can finally "hold coins to work"!
What does it mean?
On November 18, Eastern Time, the Office of the Comptroller of the Currency (OCC) issued Interpretation Letter No. 1186, officially confirming and giving the green light to federal banks: allowing banks to hold cryptocurrencies on their balance sheets specifically for paying Gas fees on blockchain networks.
Don't be misled by the seemingly minor technical detail of "paying Gas." This is the first time in U.S. financial history that regulators have explicitly allowed banks to hold native tokens of public chains due to "on-chain operational needs."
This is not just a policy relaxation; it is a "on-chain pass" obtained by Wall Street.
The "Green Light" for On-Chain Has Been Lit
It is important to know that prior to this, there was an insurmountable red line between U.S. banks and cryptocurrencies: banks could help clients custody Bitcoin, but their own assets had never been allowed to directly hold any public chain tokens.
This led to an extremely absurd deadlock, for example, JPMorgan wanted to test on-chain payments but could not legally hold even a little ETH to pay Gas fees, making the entire system difficult to operate.
The OCC's new regulations have directly and violently cut through this deadlock. This means:
1. Banks are allowed for the first time to "hold coins as needed for operations."
No longer just for client custody, but banks themselves can hold crypto assets for business needs.
2. Allowed scenarios directly point to "on-chain business testing."
In other words, on-chain payments, on-chain settlements, and on-chain deposits that banks are promoting can all enter the "testing phase."
3. The regulatory attitude is undergoing quantifiable changes.
Especially after the passage of the "GENIUS Act," U.S. regulators are collectively shifting towards "building on-chain payments."
Who Will Benefit?
1. Asset attribute reshaping: Banks begin to hold "operational" crypto assets.
The compliance door for banks' balance sheets has officially opened to "non-stablecoin crypto assets," marking a fundamental shift from "prohibited items" to "means of production."
2. U.S. stablecoins will welcome a favorable policy window.
USDC and PYUSD will seize the cooperation opportunities of "bank on-chainization."
America's "Crypto National Strategy"
The OCC's shift is by no means accidental; it is a tactical execution of legislative and regulatory collaboration.
As early as November 3, President Trump had already set the tone: "The top priority is to ensure that the U.S. becomes a global leader in the cryptocurrency field." The OCC's latest actions are a realization of this national strategy.
1. A "combination punch" of legislation and regulation.
Congressional legislation: The "GENIUS Act" has come into effect; the "CLARITY Act" is expected to be introduced by the end of the year to clarify the regulatory boundaries between the SEC and CFTC, ending years of uncertainty.
Regulatory follow-up: The OCC allows banks to buy coins to pay Gas; the Treasury and IRS released new guidelines for cryptocurrency exchange-traded products on November 10, providing a clear compliance path for holding digital assets.
Strategic core: The "Project Crypto" led by SEC Chair Atkins aims to deeply integrate the securities market with blockchain and exclude most crypto assets from securities laws.
2. Capital repatriation and institutionalization acceleration.
Wall Street brokerage Bernstein pointed out in its latest report that this complete regulatory framework is driving the U.S. to become a global crypto center:
Capital scale: U.S. crypto ETF assets have reached $160 billion, with institutional investors accounting for about a quarter. U.S. entities hold 73% of the total value of the global cryptocurrency treasury.
Market structure: The total supply of stablecoins has surpassed $260 billion. More importantly, according to Artemis data, driven by regulatory legislation, the annual payment scale of stablecoins for goods and services is expected to reach $122 billion, a 70% surge from the beginning of the year, proving that stablecoins have shifted from speculative tools to mainstream payment tools.
Mainstreaming: Coinbase and Robinhood have been included in the S&P 500 index, marking the formal entry of crypto assets into the mainstream financial landscape in the U.S.
If previous regulations kept the crypto industry in a cage, then this letter from the OCC is the key to unlock the cage.
It marks the first compliance recognition of public chain tokens: officially included in bank balance sheets, becoming "operational necessities" for Wall Street. This identity leap for public chain tokens will fully catalyze the accelerated development of the U.S. stablecoin industry and on-chain financial infrastructure.
The starting whistle for the next round of global on-chain financial layout has been blown!
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