Gas Included: OCC Clarifies That Banks May Hold and Pay Crypto-Assets for Network Fees and to Test Platforms
The OCC issued Interpretive Letter 1186, confirming that national banks may hold crypto-assets as principal to pay network “gas fees” and to test crypto platforms. IL 1186 builds upon the foundation laid during the first Trump Administration and reflects the second Trump Administration’s regulatory priorities and supervisory posture. More clarifications from the OCC on digital assets are expected to follow. If the OCC continues at this pace, DeFi is poised to become the “electronic” and “internet” activities of the 1990s—just another thing banks can do. This is just the latest step in promoting the interoperability of crypto and blockchain technologies with traditional financial services.
The OCC also released a…
