OCC Authorizes U.S. Banks to Hold Crypto for Blockchain Transaction Fees

The Office of the Comptroller of the Currency authorized U.S. banks to hold certain cryptocurrencies for paying blockchain network transaction fees in Interpretive Letter 1186 issued on Nov. 19, The Block reports. The guidance cites Ethereum as an example, noting transactions on the network require ETH for gas fee payments and banks may maintain necessary crypto assets on their balance sheets for such purposes. The OCC stated prohibiting such holdings could result in costs and significant risks related to operational complexity, asset price fluctuations and transaction delays.