The US Office of the Superintendent of the Currency has clarified that banks have the right to engage in cryptocurrency custody and execution services

According to Foresight News, the Office of the Superintendent of the Currency (OCC) in the United States has issued Interpretation Letter 1184, confirming that national banks and the Federal Reserve can buy and sell custodial assets based on customer instructions, and are allowed to outsource the bank's allowed cryptocurrency activities (including custodial and execution services) to third parties, but must comply with appropriate third-party risk management regulations. As with any activity, banks must conduct cryptocurrency custody activities in a secure and robust manner, in compliance with applicable laws, including through sub custodians.