Washington, D.C. – March 7, 2025 – The Office of the Comptroller of the Currency (OCC), a key regulator for U.S. banks, announced today that banks can now get more involved with cryptocurrencies like Bitcoin. This decision marks a big shift in how banks can handle digital money.

In a new statement, the OCC said banks are allowed to offer custody services for cryptocurrencies. This means they can hold and manage these digital assets for customers, much like they do with regular money or valuables. Banks can also act as “nodes” in blockchain networks—the tech behind cryptocurrencies—which could help verify transactions.

The OCC also loosened some rules around stablecoins, a type of cryptocurrency tied to traditional money like the U.S. dollar. Previously, banks had to prove they could handle the risks of crypto before jumping in. Now, they can start these activities without as many upfront checks, though they still need to follow basic safety rules.

This change reverses some caution put in place after the collapse of FTX, a major crypto company, in 2022. Back then, regulators worried about banks getting too risky with digital money. Today’s update shows a more open attitude, though the OCC stressed that banks must still manage risks carefully and follow the law.

The announcement came on the same day as a White House summit, raising eyebrows about the timing. Some see it as a sign of growing support for crypto in the U.S., while others wonder if banks are ready for the fast-moving world of digital currencies.

For everyday people, this could mean more ways to use crypto through their local bank. For now, it’s up to the banks to decide how—and if—they’ll take the plunge.