The U.S. Office of the Comptroller of the Currency confirms that banks are authorized to engage in risk-free, principal-based cryptocurrency transactions.

Odaily Planet Daily reports that the U.S. Office of the Comptroller of the Currency (OCC) today issued Explanatory Letter 1188, confirming that national banks can engage in permitted banking activities related to risk-free principal cryptocurrency transactions. These transactions involve a bank acting as principal in a cryptocurrency transaction with one client while simultaneously offsetting the transaction with another client. The bank acts as an intermediary, does not hold a stock of cryptocurrency assets, and acts as a broker, similar to an agent. As with any activity, national banks must conduct these activities in a safe and sound manner and comply with applicable laws.