Riskless Crypto Trades Now OK for Banks: What This Means for Ripple’s Banking Charter
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The OCC has approved national banks to engage in riskless principal crypto-asset transactions as of December 9. This decision allows banks to serve as intermediaries in crypto trades while adhering to safety standards. Ripple National Trust Bank's application may be affected by this new ruling.
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- OCC approves banks for riskless principal crypto-asset transactions.
- Ripple National Trust Bank’s application may be impacted by the new OCC decision.
- Banks must comply with safety standards and applicable laws in crypto trading.
On December 9, the Office of the Comptroller of the Currency (OCC) confirmed that national banks may now engage in low-risk crypto-asset transactions.
This decision responds to requests from recent applicants seeking clarification on whether such activities fall within the scope of banking services. Adam Cohen, Chief Counsel at the OCC, signed the letter in response to a request from Stephen Lybarger, Senior Deputy Comptroller for Chartering, Organization, and Structure.
The Content of the Letter
Under this approval, banks can act as middlemen in crypto transactions, helping customers trade crypto without actually holding it thems…
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