OCC Authorizes Cryptocurrency Payment Network Leverage
Wednesday, January 6, 2021 The Office of the Comptroller of the Currency (OCC) issued Interpretive Letter 1174 on January 4, 2021, clarifying the authority of national banks and federal savings associations to buy, sell, and issue stablecoins and participate in independent node verification networks (INVNs) in order to conduct payment activities and other bank-permissible functions. The OCC has taken a systematic approach to its digital asset and cryptocurrency guidance. This is the third letter issued by the OCC that focuses on banks’ authority to offer innovative cryptocurrenc...
Source: natlawreview.com