OCC Updates Guidance on Cryptoasset-related Activities of Banks

On November 29, 2021, Cravath prepared a memo for its clients entitled “OCC Updates Guidance on Cryptoasset-related Activities of Banks,” which examined a letter recently published by the Office of the Comptroller of the Currency (“OCC”) clarifying earlier interpretive letters about the permissibility of certain cryptoasset, distributed ledger and stablecoin activities for national banks and federal savings associations and the OCC’s standards for chartering national trust banks. The memo reviewed key takeaways from the letter, the updated guidance on banks’ cryptoasset-related activities and its impact on ongoing policy processes regarding innovation issues.

Please click here to read the memo.