The Office of the Comptroller of the Currency (OCC) issued a new letter announcing the withdrawal of Interpretation Letter No. 1179 issued on November 18, 2021, and reaffirming that the encryption asset custody, Distributed Ledger, and stablecoin activities discussed in the previous letter are permitted.

OCC confirmed in a letter: "National banks and federal savings associations may engage in encryption asset custody, certain stablecoin activities, and participate in independent node verification networks." Acting Comptroller of the Currency Rodney E. Hood said: "The OCC wants banks to adopt risk management controls as robust as those for traditional bank activities to support new bank activities."
The institution also stated that it has withdrawn the requirement for restrictive controls that the institution had in place before engaging in encryption activities.