OCC lays out crypto banking after Trump vows to end Operation Chokepoint 2.0

The OCC has eased “the burden” on banks engaging in crypto activities after Donald Trump vowed to end the “ridiculous” Operation Chokepoint 2.0.

The US Office of the Comptroller of the Currency (OCC) has eased its stance on how banks can engage with crypto just hours after US President Donald Trump vowed to shut down Operation Chokepoint 2.0 — the prolonged crackdown restricting crypto firms’ access to banking services.

“Crypto-asset custody, certain stablecoin activities, and participation in independent node verification networks such as distributed ledger are permissible for national banks and federal savings associations,” the OCC said in a March 7 statement.

The OCC confirmed in a document titled Interpretive Letter 1183 that OCC-supervised financial institutions no longer need “supervisory nonobjection” to engage with crypto.

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