The OCC has shifted its previously hands-off stance on crypto, allowing banks to buy and sell custody-held cryptocurrencies on behalf of customers. They are also allowed to provide crypto custody services.

In a recent post, Acting Comptroller of the Currency and administrator of the federal banking system, Rodney Hood, declared that cryptocurrency is no longer simply a trend. Instead, it is considered a “transformation” by the federal agency. Therefore, the organization has decided to shift its previously skittish stance towards crypto by allowing banks to engage in financial activities related to cryptocurrencies.

“We’ve confirmed that national banks and federal saving associations may engage in certain…