🚨NEW: In a new letter from Acting Comptroller Rodney Hood, the @USOCC reaffirms its preemption authority, meaning federal banking rules can legally override conflicting state laws. Some in the crypto banking industry are concerned this signals a more aggressive OCC that will push out state regulators, expand federal oversight of crypto, and potentially undermine the so-called dual banking system, which balances state and federal roles in financial regulation. Hood says preemption regs are consistent with federal law, Supreme Court precedent, and Executive Orders from the White House.