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OCC Confirms Banks Can Act as Intermediaries in Crypto Transactions
The Office of the Comptroller of the Currency (OCC) has clarified that national banks may engage in "riskless principal" transactions involving crypto-assets.
In its new Interpretive Letter 1188, the OCC explained that such transactions allow a bank to act as a principal between two customers, buying crypto from one while simultaneously selling it to another.
The bank does not hold the assets in inventory, effectively serving as a broker acting on behalf of clients.
This guidance follows a broader regulatory trend to ease restrictions on crypto activities within the traditional banking sector. In March, the OCC removed prior requirements for banks to seek advance approval before engaging in certain crypto operations, signaling growing acceptance of digital assets in mainstream finance.
In other words, U.S. banks can now offer crypto services in a manner similar to traditional brokerage activities.
Last week, Bank of America announced it would allow wealth management clients to allocate 1%–4% of their portfolios to digital assets.
The guidance applied across Merrill, Bank of America Private Bank, and Merrill Edge, enabling more than 15,000 advisers—previously restricted—to recommend crypto proactively.
Also, earlier today, PNC Bank became the first major U.S. bank to offer eligible Private Bank clients direct bitcoin trading through its own platform, powered by Coinbase's infrastructure. The service allowed qualified clients to buy, hold, and sell bitcoin without using an external exchange.
The launch followed a strategic partnership with Coinbase announced in July.
Full OCC letter details
In essence, the letter basically confirmed that national banks may engage in 'riskless principal transactions' in crypto-assets.
Per the letter, a riskless principal transaction occurs when a bank buys an asset from one counterparty with the simultaneous agreement to sell it immediately to another, without holding the asset in inventory except in rare cases like settlement failures.
In this role, the bank functions similarly to a broker, taking on limited settlement, market, and credit risk.