During the first Trump administration, Acting Comptroller of the Currency, Brian Brooks, issued several interpretive letters allowing banks to perform certain cryptocurrency activities. Several months after the Biden administration took office, a new Comptroller letter (no 1179) said banks needed to get a non-objection letter before participating in these crypto tasks. Now the pendulum has swung back with new Acting Comptroller Rodney Hood issuing yet another letter that rescinds 1179, removing the need for banks to ask for permission in advance.
The three sets of activities that the OCC green lighted under Brian Brooks were:
The purpose of the 2021 OCC letter (1179) requiring banks to first get permission, was to ensure banks conducted themselves in a safe and sound manner. Now the OCC says that based on its supervisory experience, it’s no longer necessary.
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