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OCC Bulletin 2023-1
January 3, 2023
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Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation today issued a joint statement highlighting key risks to banks1 associated with crypto-assets and crypto-asset sector participants.
The OCC continues to take a careful and cautious approach to banks’ current and proposed crypto-asset-related activities and exposures given the significant risks highlighted by the recent failures of several large crypto-asset companies. OCC-supervised banks are reminded to follow the process outlined in OCC Interpretive Letter 1179 before engaging in certain crypto-asset-related activities.2
The bulletin applies to community banks that are or may consider engaging in crypto-asset-related activities.
The interagency statement
Please contact Beth Knickerbocker, Chief Innovation Officer, Office of Innovation, at (202) 649-5200.
Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy
1 “Banks” refers collectively to national banks, federal savings associations, covered savings associations, and federal branches and agencies of foreign banking organizations.
2 Refer to OCC Interpretive Letter 1179, “Chief Counsel’s Interpretation Clarifying: (1) Authority of a Bank to Engage in Certain Cryptocurrency Activities; and (2) Authority of the OCC to Charter a National Trust Bank” (November 18, 2021).