"The U.S. Office of the Comptroller of the Currency (OCC) has given national banks the green light to hold crypto on their balance sheets for the purpose of paying blockchain network fees. The guidance, issued in interpretive letter No. 1186 today, also allows banks to keep crypto on hand to test internal or third-party crypto platforms. Blockchain networks require native tokens to process transactions. These fees, often called "gas fees," are unavoidable."
"The guidance emphasizes that these activities are "incidental to the business of banking." That phrase has weight in regulatory language. It means banks can do it legally, as long as the activity helps them serve customers or operate efficiently. The OCC even drew parallels to historical banking practices, like holding foreign currency, banknotes, or shares in payment systems to facilitate transactions."
The OCC's interpretive letter No. 1186 permits national banks to hold crypto on their balance sheets to pay blockchain network fees and to test internal or third-party crypto platforms. Banks may keep native tokens reasonably anticipated to be needed for processing transactions, including paying 'gas fees' for custody services or client transactions. Such activities are considered incidental to banking and are legally permissible when supporting lawful banking functions. Banks must manage operational, market, liquidity, cybersecurity, and legal risks and keep crypto holdings minimal relative to capital. The guidance aligns with prior OCC steps allowing node operation and custody services under Comptroller Jonathan Gould.
Read at Bitcoin Magazine
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