“Regulators Say US Banks Can Manage Gas Fees with Crypto Assets”

Exciting news from the US Office of the Comptroller of the Currency (OCC)! They’ve just issued fresh guidance telling banks they can now hold certain cryptocurrencies to pay network gas fees!

In a notice released on Tuesday, the OCC shared that US banks are officially allowed to hold crypto on their balance sheets for covering gas fees, as long as the transactions are for approved activities. The OCC explained that an authorized national bank “may hold amounts of crypto-assets as principal necessary for testing otherwise permissible crypto-asset-related platforms.”

However, they also emphasized, “Just like any activity, national banks must engage in these practices safely and soundly, following all relevant laws,” clarified the OCC.

This latest guidance builds on a letter from May, which informed banks they could manage digital assets for their customers and even outsource some crypto tasks to third parties. Both of these guidelines reflect the OCC changing its tune on crypto during President Donald Trump’s administration, easing the regulatory load for financial institutions.

Related: UK central bank still ‘disproportionately cautious’ about stablecoins

The notice also referenced the GENIUS stablecoin bill signed into law back in July, which sets up a regulatory framework for payment stablecoins. The OCC pointed out that transactions involving stablecoins at authorized national banks will likely incur network fees, allowing banks to cover these fees using assets held in custody or through an agent.

Diving into the GENIUS Act, aiming for market structure

While the stablecoin bill is now law, don’t expect it to roll out just yet. It will take months to implement as the US Treasury and Federal Reserve work on finalizing the regulations.