New Guidance on Digital Assets for National Banks
The U.S. Office of the Comptroller of the Currency (OCC) has issued new policy guidance that permits banks to hold cryptocurrencies specifically for the purpose of paying "gas fees." These fees are essential for conducting transactions on various blockchain networks.
The regulation, detailed in "Interpretive Letter No. 1186," clarifies that national banks are authorized to maintain digital assets on their balance sheets that are deemed reasonably necessary for their operational requirements.
Transactions executed on blockchain networks necessitate fees, which are paid using the network's native token. The OCC's interpretation highlights that this requirement obligates banks to hold these digital assets to facilitate such transactions. The guidance explicitly mentions that banks will be responsible for paying network fees on behalf of their customers or in the course of providing custodial services, particularly for activities that are expressly permitted under the GENIUS Act.
The OCC has emphasized that banks are "legally required to pay network fees to facilitate permitted cryptoasset activities and to hold on their balance sheets the crypto assets they reasonably need to cover those fees."
Shifting Stance on Digital Assets
Historically, the OCC has maintained a cautious approach towards digital assets. However, under the current administration, which has shown a more supportive stance towards cryptocurrencies, the agency's position has evolved.