Business

U.S. Banks Can Finally Offer Crypto Services

U.S. banks can now hold digital assets, process stablecoin payments, and run blockchain nodes, according to a new clarification from the OCC (Office of the Comptroller of the Currency).

Haider Jamal
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 The OCC also rescinded prior guidelines that labeled crypto as a liquidity risk.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.

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Haider Jamal

Content Strategist

Haider is a fintech enthusiast and Content Strategist at CryptoWeekly with over four years in the Crypto & Blockchain industry. He began his writing journey with a blog after graduating from Monash University Malaysia. Passionate about storytelling and content creation, he blends creativity with insight. Haider is driven to grow professionally while always seeking the next big idea.