Regulator clarifies US banks can handle gas fees using crypto holdings

The Office of the Comptroller of the Currency (OCC) has confirmed that U.S. national banks are allowed to hold cryptocurrency on their balance sheets specifically to pay for blockchain network fees. This decision aims to facilitate the integration of traditional banking with cryptocurrency, enabling banks to manage their crypto holdings effectively. The OCC's clarification is seen as a significant step towards embracing digital currencies within the financial system.

The Office of the Comptroller of the Currency (OCC) has clarified that authorized national banks in the U.S. can hold cryptocurrency under specific conditions, particularly to manage gas fees associated with blockchain transactions. This announcement follows the enactment of the GENIUS Act, which outlines the regulatory framework for such activities. The OCC's guidance is expected to facilitate the integration of cryptocurrency into traditional banking operations.

The Office of the Comptroller of the Currency (OCC) has announced that U.S. financial institutions are now authorized to hold cryptocurrency assets to cover blockchain network fees. This decision allows national banks to manage crypto holdings specifically for transaction costs associated with blockchain operations, marking a significant step in the integration of cryptocurrency into traditional banking systems.

The Office of the Comptroller of the Currency (OCC) has announced that U.S. national banks are permitted to hold cryptocurrency on their balance sheets specifically to pay for blockchain network fees and to test crypto platforms. This clarification is seen as a significant step in integrating cryptocurrency into traditional banking practices.