The US Workplace of the Comptroller of the Forex (OCC) has eased its stance on how banks can have interaction with crypto simply hours after US President Donald Trump vowed to close down Operation Chokepoint 2.0 — the extended crackdown limiting crypto corporations’ entry to banking companies.
“Crypto-asset custody, sure stablecoin actions, and participation in unbiased node verification networks corresponding to distributed ledger are permissible for nationwide banks and federal financial savings associations,” the OCC mentioned in a March 7 statement.
OCC’s new steerage will “cut back the burden” on banks
The OCC confirmed in a doc titled Interpretive Letter 1183 that OCC-supervised monetary establishments now not want “supervisory nonobjection” to have interaction with crypto.
“As we speak’s motion will cut back the burden on banks to have interaction in crypto-related actions and make sure that these financial institution actions are handled persistently by the OCC,” Appearing Comptroller of the Forex Rodney E. Hood mentioned.
Supply: Alexander Grieve
It comes simply hours after Trump instructed a room filled with crypto executives at the White House Crypto Summit on March 7 that he's “ending Operation Chokepoint 2.0.”
“Some folks actually suffered, it was ridiculous what they have been doing. In the long run, they got here round, however they got here round for the improper causes, solely as a result of they wished votes,” Trump mentioned.
Operation Chokepoint 2.0 “strong-armed banks”
Operation Chokepoint 2.0 broadly impacted the industry in multiple countries and was a big ache level for business advocacy teams in the course of the 2024 United States election.
“They strong-armed banks into closing crypto companies and entrepreneurs successfully blocking cash transfers to and from exchanges, and so they weaponized the federal government in opposition to the whole business,” Trump mentioned.
“However I do know that feeling additionally, possibly higher than you do; all that may quickly be over.”
Many crypto corporations turned to stablecoins to finance their operations after dropping their enterprise accounts at conventional banking establishments in the course of the debanking operation.
Associated: The lessons learned at Operation Chokepoint 2.0 Congressional hearings
On Jan 16, Wyoming Senator Cynthia Lummis sent a letter to the Federal Deposit Insurance coverage Company, claiming that whistleblowers knowledgeable her that the company allegedly destroyed paperwork associated to Operation Chokepoint 2.0.
“Whether it is uncovered that you just or your employees have knowingly destroyed supplies or sought to impede the oversight capabilities of the Senate, I'll make swift felony referrals to the US Division of Justice,” she mentioned on the time.
Journal: SEC’s U-turn on crypto leaves key questions unanswered
