March 9, 2025
Ensuring Consistency
Rodney E. Wood from the OCC stated that this decision reduces the burden on banks and ensures consistent treatment of crypto-related activities. The OCC also rescinded prior guidelines that labeled crypto as a liquidity risk.
Source: OCC
Jeremy Allaire, Founder of Circle (USDC), expressed excitement about the move, saying, “Banks using USDC. Coming soon to a blockchain near you.”
Reversing Operation ChokePoint 2.0
The shift is seen as a reversal of ‘Operation ChokePoint 2.0,’ which had restricted crypto activity in banks. Alexander Grieve of Paradigm also welcomed the change, noting, “Goodbye, Operation ChokePoint 2.0.”
Market observer Marty Party pointed out that this could diminish Ripple’s control over banking ledgers. Meanwhile, major banks like JPMorgan and Goldman Sachs are actively exploring crypto services, including custody for Bitcoin ETFs.
