The U.S. OCC has confirmed that banks can hold crypto assets to pay for blockchain network fees.

Odaily Planet Daily reports that the U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) issued Explanation Letter 1186 on Tuesday, clarifying that banks can hold certain cryptocurrencies on their balance sheets to pay for the costs required to operate blockchain networks. The OCC cites Ethereum as an example, noting that ETH is used to pay transaction gas fees, therefore banks can hold necessary crypto assets to ensure the smooth operation of related businesses.

The document emphasizes that if banks are unable to pay the necessary fees for blockchain transactions, they may face "significant risks such as operational complexity, asset price volatility, and transaction delays." Therefore, such holding activities are considered permitted business activities. (The Block)