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OCC Bulletin 2023-1 | January 3, 2023

Crypto-Assets: Joint Statement on Crypto-Asset Risks to Banking Organizations


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

Note for Community Banks

The bulletin applies to community banks that are or may consider engaging in crypto-asset-related activities.


The interagency statement

  • highlights key risks associated with crypto-assets that could affect banks.
  • reminds banks to engage in robust supervisory discussions with their supervisory office regarding proposed and existing crypto-asset-related activities.
  • reminds banks that, before launching crypto-asset-related activities, banks should ensure that an activity can be performed in a safe and sound manner, is legally permissible, complies with applicable laws and regulations, and can be conducted in a manner that is fair to consumers.

Further Information

Please contact Beth Knickerbocker, Chief Innovation Officer, Office of Innovation, at (202) 649-5200.


Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy

Related Link

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).