The U.S. Office of the Comptroller of the Currency (OCC) has released new policy guidance that allows banks to hold cryptocurrencies to pay for “gas fees,” which are transaction fees used on blockchain networks.
The regulation titled “Interpretive Letter No. 1186” stated that national banks may hold digital assets on their balance sheets that may be reasonably needed for their operations.
Transactions on blockchain networks are subject to fees paid in the network’s specific token. According to the OCC, this requires banks to hold these assets to conduct transactions on the network. The guidance specifically states that banks will be required to pay network fees on behalf of customers or for custodial services, particularly for activities expressly permitted under the GENIUS Act.
The OCC stated that banks are “legally required to pay network fees to facilitate permitted cryptoasset activities and to hold on their balance sheets the crypto assets they reasonably need to cover those fees.”
The OCC has been reserved for digital assets for years, but President Donald Trump’s pro-crypto administration has shifted its stance.
*This is not investment advice.