Regulator gives US banks the green light to act as crypto brokers

Core Viewpoint - The Office of the Comptroller of the Currency (OCC) has announced that US banks can now buy and sell cryptocurrencies on behalf of customers, acting as intermediaries for investors in the crypto space [1][2]. Group 1: Regulatory Changes - The OCC's statement indicates that banks can execute transactions for clients in digital assets similarly to how they handle securities and derivatives [1]. - Known as "riskless principal" trades, banks will act as brokers for these transactions, allowing them to facilitate trades without holding digital assets in their inventory [2][4]. - The OCC emphasized that this activity is a logical extension of existing banking services provided to custody customers [2][4]. Group 2: Industry Response - Several banks have requested the OCC to permit such transactions, indicating a demand for regulatory clarity in the crypto sector [3]. - The OCC's announcement follows a shift in regulatory attitude towards the crypto industry since the Trump administration, which has been more favorable compared to the previous administration [5]. - Major crypto firms, including Coinbase, Crypto.com, and Ripple, are now pursuing national trust bank charters, reflecting the evolving landscape of banking services in the crypto market [5].