OCC Opens Doors For Crypto Money Transmitters
Crypto companies have struggled to obtain basic banking services for several years. This problem has been given the friendly name “Operation Chokepoint 2.0,” harkening to the crackdown on payday lenders and other “high risk” category businesses from 2013 to 2015. This crackdown expanded to legitimate startups and resulted in blowback at the federal level. Last week, if any behind-the-scenes, coordinated “operation” has been keeping crypto companies down, the OCC signaled the end of that era with Interpretative Letter 1184.
The OCC’s letter clarified that national banks and federal savings associations can engage in crypto-asset activities on behalf of customers without seeking prior approval. Their attitude tracks the
