OCC Greenlights “Riskless Principal” Crypto Trading for US Banks

The Office of the Comptroller of the Currency (OCC) issued a pivotal Interpretive Letter on December 17, 2025, authorizing national banks to engage in riskless principal transactions involving crypto-assets.

Under this new guidance, a bank can buy a digital asset from one party and immediately resell it to another to fulfill an offsetting order. Because the orders are executed simultaneously, the bank holds zero inventory and assumes minimal risk exposure, primarily limited to settlement timing.

Replacing unregulated exchanges

The OCC’s intent is to provide consumers and institutions with a regulated alternative to offshore or unregulated crypto exchanges. By allowing banks to facilitate these trades, the regulator aims to enhance market trust and reduce the industry’s exposure to “bad actors.”

While the letter opens the door for banks like JP Morgan or Goldman Sachs to become primary crypto brokers, the OCC emphasized that these activities must be conducted in a “safe and sound manner,” with strict supervision over credit and settlement risks similar to existing securities laws.

This regulatory shift marks a definitive end to the “crypto-silo” era, merging digital asset trading directly into the core of the US national banking system.

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