The US Office of the Comptroller of the Currency (OCC) issued guidance to banks confirming their authority to hold specific cryptocurrencies for the purpose of paying network gas fees.
In a Tuesday notice, the OCC said US banks were allowed to hold crypto on their balance sheets to pay network, or gas fees, provided the transactions were for permissible activities. The regulator said that an authorized national bank “may hold amounts of crypto-assets as principal necessary for testing otherwise permissible crypto-asset-related platforms.”
“As with any activity, a national bank must conduct these activities in a safe and sound manner and in compliance with applicable law,” said the OCC.
The notice expanded upon a May letter informing banks that they could handle digital assets on behalf of their customers and outsource some crypto activities to third parties. Both sets of guidance came amid the OCC striking a different tone on crypto under US President Donald Trump, reducing the regulatory burden on financial institutions.
Related: UK central bank still ‘disproportionately cautious’ about stablecoins
The Tuesday letter cited the GENIUS stablecoin bill signed into law in July, which establishes a regulatory framework for payment stablecoins. According to the OCC, stablecoin transactions at authorized national banks will likely require network fees, allowing the bank to pay through assets in its custody or an agent.
Implementing GENIUS Act, looking to pass market structure
Although the stablecoin bill was signed into law in July, the legislation is still likely to be months away from implementation, as the US Treasury and Federal Reserve need to finalize the regulations.
In the meantime, lawmakers in the US Senate are reportedly moving forward with negotiations to pass a digital asset market structure bill, considered by many in the industry to be the most significant crypto-related law under consideration.
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