The Office of the Comptroller of the Currency (OCC) has confirmed that national banks can engage in cryptocurrency trading as "risk-free market makers" without having to hold these assets on their balance sheets. This move brings traditional banks closer to offering regulated cryptocurrency brokerage services.

In an explanatory letter released on Tuesday, the regulator stated that banks can act as trading principals when conducting cryptocurrency transactions with one client while simultaneously engaging in corresponding hedging transactions with another party, a structure similar to risk-free market maker activities in traditional markets.

The document noted, "Some applicants discussed how trading crypto assets in a risk-free market maker manner would benefit their proposed banks, including by providing more services in a growing market."

According to the OCC, this move will allow customers to "trade crypto assets through regulated banks rather than through unregulated or less-regulated channels."

The letter also reiterated that banks must confirm the legality of any cryptocurrency activities and ensure they fall within the scope of powers authorized by their bank charters. Institutions are required to establish procedures to monitor operational risk, compliance risk, and market risk.

The letter stated, "The primary risk of risk-free market maker transactions is counterparty credit risk (especially settlement risk)," and added, "Managing counterparty credit risk is a core aspect of banking, and banks are experienced in managing this risk."

The regulator's guidance cited 12 U.S.C. § 24, which allows national banks to conduct risk-free market maker transactions as part of "banking." The letter also distinguished crypto assets that meet the definition of securities, noting that risk-free market maker transactions involving securities are explicitly permitted under current law.

The OCC's explanatory letter—a non-binding guidance document clarifying the regulator's views on the activities national banks can engage in under current law—was released the day after OCC Chairman Jonathan Gould stated that cryptocurrency companies seeking federal bank charters should be treated equally with traditional financial institutions.

Gould stated that the banking system has the "capacity to evolve" and that "there is no reason to treat digital assets differently from traditional banking," which has "provided custodial services electronically for decades."

During the Biden administration, some industry groups and lawmakers have accused U.S. regulators of implementing what they call "Choke Point 2.0" actions, arguing that this has increased scrutiny on banks and companies associated with cryptocurrency.

Since President Donald Trump took office in January and promised to support the industry, the federal government has taken a contrary direction, adopting a more lenient stance on digital asset activities.

Related: SEC ends investigation into tokenized equity platform Ondo Finance

Original article: “U.S. Bank Regulator Approves National Banks to Conduct Cryptocurrency Trading”

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