The crypto industry argued that U.S. regulators used the idea of risks to banks' reputation to pressure them to reject digital assets clients, and the OCC has answered.
The U.S. OCC said it has ended examining national banks and other financial institutions for reputational risk.
OCC lifts approval and control requirements for banks engaging in cryptocurrency activities in new interpretive letter.
The U.S. OCC set out to clarify that crypto activities are allowed in the federal banking system, rescinding its previous stance.
President Trump has reportedly tapped former blockchain executive Jonathan Gould to lead the Office of the Comptroller of the Currency.
Banks will limit their crypto exposure as long as anti-money laundering risks are at play, according to investment bank TD Cowen.