OCC Confirms Bank Authority to Engage in Riskless Principal Crypto-Asset Transactions — 2025-12-09

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today confirmed permissible bank activities related to riskless principal transactions in crypto-assets. The OCC published Interpretive Letter 1188 confirming that a national bank may engage in riskless principal crypto-asset transactions as part of the business of banking. Such transactions involve a bank acting as principal in a crypto-asset transaction with one customer while simultaneously entering into an offsetting transaction with another customer. The bank serves as an intermediary and does not hold the crypto-assets in inventory, instead acting in a capacity equivalent to that of a broker acting as agent. As with any activity, a national bank must conduct these activities in a safe and sound manner and in compliance with applicable law.