OCC Conditionally Approves National Trust Bank Charter Applications and Issues Interpretive Letter 1188, SEC Issues Tokenization No-Action Letter and House Passes INVEST Act

Last week, federal regulators took several notable steps affecting digital asset markets. The Office of the Comptroller of the Currency (OCC) announced conditional approval of five national trust bank charter applications. It also issued Interpretive Letter 1188, confirming that national banks may engage in riskless principal crypto-asset transactions, intermediary transactions in which a bank purchases an asset from one counterparty for immediate resale to another. The OCC also reiterated its…
By: Paul Hastings LLP