Federally regulated banks can participate in a number of cryptocurrency activities without prior approval, the Comptroller of the Currency (OCC) Office said in a new interpretive letter and statement.

In a new interpretive letter, OCC clarified that national banks and federal savings associations can legally provide crypto-indulgence, perform certain stablecoin-related activities and run nodes.

“OCC expects the banks to have the same strong risk management checks in place to support new banking activities that they do for traditional,” said acting controller of the currency Rodney E. Hood.

“Today’s action will reduce the burden of banks to participate in crypto-related activities and ensure that these banking activities are treated consistently by OCC, regardless of the underlying technology.”

As part of this new interpretive letter, OCC withdrew a statement, it made in 2023 on liquidity risks for crypto banks, which suggested a return of prior concerns about the industry’s influence on economic stability.