The post U.S. OCC Letter 1183 rescinds burdensome procedure, emphasizes permitted activities  appeared on BitcoinEthereumNews.com.

A new United States Office of the Comptroller of the Currency (OCC) interpretive letter provides guidance for national banks’ activities with cryptocurrency. The agency emphasized that it permits a range of activities with crypto, and it confirms and reaffirms those activities. It also rescinds guidance from 2021 that banks found burdensome and discriminatory. The OCC’s Interpretive Letter 1183 of March 7 is the first to be issued under Acting Comptroller of the Currency Rodney Hood, who was appointed to his post on Feb. 11. Hood is quoted in a press release as saying that the letter ensures “Bank activities are treated consistently by the OCC, regardless of the underlying technology.” Hood further said he would “continue to work diligently to ensure regulations are effective and not excessive.” The OCC’s letter is about letters Interpretive Letter 1183 begins by saying Letter 1179 has been rescinded. That letter required national banks to notify their supervisory office if they intend to engage in any of the activities permitted in other letters. The supervisory office would then evaluate the banks’ adequacy and reply in writing to object to the proposed activities or confirm its nonobjection. That letter was issued in November 2021 under Hood’s predecessor acting comptroller Michael Hsu. The OCC has gained supervisory experience and realized those measures are no longer necessary, the new letter said. The rescission should reduce banks’ burden, encourage responsible innovation and enhance transparency. It also ensures that bank activities are treated consistently, regardless of the underlying technology. In 2020 and 2021, the OCC issued letters concerning banks providing crypto asset custody (1170), the use of dollar deposits to back stablecoins (1172) and the use of public blockchains to verify payments (1174). All of those letters were issued while Brian Brooks was comptroller. Brooks was a former Coinbase chief legal officer. Now the OCC will examine the activities described…

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Filed under: News - @ March 8, 2025 12:29 am