The U.S. Office of the Comptroller of the Currency states that banks can hold certain cryptocurrencies to pay gas fees.

According to a new letter from the U.S. Treasury Department’s Office of the Comptroller of the Currency (OCC), banks can pay gas fees and hold the cryptocurrency needed to pay those network charges.

In its Explanation Letter No. 1186, issued Tuesday, the OCC, which regulates banks, stated that banks may be required to pay network fees as part of conducting business and hold cryptocurrency on their balance sheets to cover these fees.

The U.S. Office of the Comptroller of the Currency (OCC) cited Ethereum as an example, noting that the Ethereum network requires transactions to be denominated in ETH. The OCC stated, "These users either need to maintain a separate Ethereum account, engage in spot trading on a crypto asset exchange to obtain Ethereum before trading, or work with a third-party network fee provider, or obtain Ethereum through other means. This process can increase costs and significant risks, including operational complexity, asset price volatility, and transaction delays."