OCC Reiterates Guidance On Crypto-Asset Activities

On Friday, March 7, 2025, the Office of the Comptroller of the Currency ("OCC") issued Interpretive Letter 1183, OCC Letter Addressing Certain Crypto-Asset Activities, reiterating the OCC's prior guidance regarding the activities in which national banks may engage related to crypto-assets, including crypto-asset custody, certain stablecoin activities, and participation in independent node verification networks such as distributed ledgers. Each of these activities were previously addressed and permitted pursuant to OCC Interpretive Letters 1170, 1172, and 1174, respectively. Interpretive Letter 1183 also rescinds Interpretive Letter 1179, which required national banks to receive a "supervisory nonobjection and demonstrate that they have adequate controls in place before they can engage in these cryptocurrency activities."