OCC Affirms That U.S. Banks Have Permission to Serve as Middlemen for Cryptocurrency Deals

The Office of the Comptroller of the Currency (OCC) has announced that U.S. banks are allowed to act as intermediaries for crypto transactions. The OCC stated that banks can engage in “riskless principal” transactions involving crypto assets and would not receive scrutiny from the regulator.

U.S. Banks Can Act As Intermediaries for Crypto Transactions: OCC

The national banking regulator, OCC, has announced that banks can act as intermediaries for cryptocurrency transactions without drawing any regulatory scrutiny. The regulator noted that national banks can engage in what it called “riskless principal” transactions involving cryptocurrencies.

In the Interpretive Letter 1188, the OCC explained that riskless principal transactions allow a bank to act as a principal between two clients, buying crypto from one while simultaneously selling it to another. 

However, banks do not hold the assets in their inventory, effectively serving as a broker acting on behalf of clients. What this means is that banks in the U.S. can now offer crypto services similar to how traditional brokerage providers operate. 

Trying To Limit Banks’ Exposure To Crypto is a Recipe for Irrelevance – OCC

This guidance follows a broader regulatory trend to ease restrictions on crypto activities within the traditional banking sector. In March, the OCC removed requirements from banks to seek advance approval before engaging in some crypto operations, highlighting the growing acceptance of digital assets in mainstream finance. 

In November, the OCC cleared banks to hold and use crypto to pay blockchain fees. Just before the letter was announced, Jonathan Gould, Comptroller of the Currency, speaking at the Blockchain Association’s policy summit, said that banks trying to block crypto custody from the federal system are pushing a “recipe for irrelevance.” 

Explaining his stance, Gould noted that it is important that the OCC doesn’t try to confine banks, including current national trust banks, to the technologies or businesses of the past. Gould remarked that doing so would be a recipe for irrelevance.

Riding on the more crypto-forward stance of the President Donald Trump administration, top banks in the U.S. are already looking to offer crypto services. PNC Bank recently launched direct crypto trading via a Coinbase partnership. Bank of America has also recommended its clients allocate up to 4% of their portfolios to crypto, while SoFi became the first chartered bank to offer crypto trading in November. 

What This Means for Institutional Adoption

The consequences for uptake are enormous. Previously, hedge funds, family offices, and corporate treasuries depended on crypto exchanges or trust firms for execution. Currently, they might channel these orders via their banking partners (such as JPMorgan or Bank of America), simplifying processes and unifying capital.

As we head into 2026, the walls between “traditional finance” and “crypto” are crumbling. The banks are coming—not as holders, but as the ultimate middlemen. For the retail investor, this might translate to encountering a “Buy Bitcoin” option alongside their checking account total within a regular banking application. 

It validates the asset category for the general public and offers a controlled, well-known platform for participation. Nonetheless, the OCC emphasized that although the activity is allowed, the stringent standards for Anti-Money Laundering (AML) and Know Your Customer (KYC) adherence continue to be as rigorous as always.