Office of the Comptroller of the Currency (OCC)
The Office of the Comptroller of the Currency (OCC) is a federal agency in charge of regulating and supervising banks and other financial institutions that are members of the national banking system. The OCC was established by Congress in 1863 to promote public confidence in, and stability within, U.S. banking systems. The OCC also examines all federally chartered or licensed banks to ensure they comply with laws against fraud and unfair business practices.
The mission statement for the OCC states: “Promote safety and soundness by enforcing sound risk management principles; protecting consumers’ rights; helping communities through responsible lending practices, fair access to financial services, and economic development; securing an appropriate balance between community reinvestment activities, customer service considerations, safety and soundness concerns; ensuring compliance with applicable laws.”
The primary responsibility for overseeing cryptocurrency-related activities falls under both state law enforcement authorities as well as federal agencies such as FinCEN (Financial Crimes Enforcement Network). While OCC does not currently have specific guidance on cryptocurrency activities, it has issued two statements expressing its intent to consider applications from fintech companies seeking special purpose charters which would allow them to offer certain types of banking products or services without having a full traditional bank charter. This could potentially include offering custody solutions for cryptocurrencies such as Bitcoin or Ethereum.
In summary, while there is no specific guidance on cryptocurrency-related activities from OCC yet, it has expressed interest in considering applications related to developing new technologies including those involving digital assets like cryptocurrencies. It is important for investors interested in these markets to be aware that there may still be regulatory risks associated with these investments even if they are approved by this government agency.
