The US Office of the Comptroller of the Currency (OCC) has updated its guidance, now allowing US banks to manage crypto assets on behalf of their customers. This decision eases the path for increased industry involvement, permitting banks to buy, sell, and hold crypto in custody.

Banks are also authorized to outsource certain services, including custody and execution, to third parties. Acting Comptroller Rodney Hood indicated that financial institutions can provide tax reporting, record-keeping, and sub-custody services, provided they comply with legal and risk management guidelines.

This regulatory shift marks a significant move towards integrating crypto into traditional banking systems, especially given that over 50 million Americans currently hold digital assets. Industry experts have responded positively to the OCC’s decision.

Katherine Kirkpatrick Bos of StarkWare noted that this signals a change in the OCC’s regulatory stance. Coinbase’s Faryar Shirzad also lauded the regulatory clarity provided by the updated guidance.

This change occurs amidst a broader trend under the Trump administration, which has adopted a more crypto-friendly approach. This includes reversing previous restrictions on banks' crypto activities, further fostering the integration of digital assets within the financial sector.