The US Office of the Comptroller of the Currency confirms that banks have the authority to engage in risk-free principal crypto asset transactions.

ChainCatcher news, the US Office of the Comptroller of the Currency (OCC) has issued Interpretive Letter 1188, confirming that national banks are permitted to engage in allowable banking activities related to riskless principal crypto asset transactions.

Such transactions involve a bank acting as principal in a crypto asset transaction with one client, while simultaneously conducting an offsetting transaction with another client. The bank acts as an intermediary and does not hold a crypto asset inventory, but instead operates in a manner similar to a broker acting as an agent. As with any activity, national banks must conduct these activities in a safe and sound manner and comply with applicable laws.