OCC allows banks to hold crypto to cover blockchain fees

The Office of the Comptroller of the Currency (OCC) has issued an interpretive letter allowing banks to hold small amounts of network tokens to pay blockchain fees and conduct tests. This move enables banks to engage in blockchain services by holding cryptocurrencies as principal for operational purposes, such as validating transactions and paying network fees. The OCC emphasizes technology-neutrality and likens this to historical banking practices. This change aims to facilitate smoother bank-backed blockchain services and reduce reliance on third-party services.