Crypto Finally Makes the Cut in OCC’s 2022 Bank Supervision Operating Plan
Though the Office of the Comptroller of the Currency (OCC) has been looking into the crypto industry since at least 2018, this is the first time crypto has been included in the regulator’s annual operating plan.
The Office of the Comptroller of the Currency (OCC) released its 2022 Bank Supervision Operating Plan on Friday and for the first time, crypto made the cut.
In its report, the federal banking regulator listed its 11 supervisory priorities for the fiscal year that ends next September, including cybersecurity, climate change and “fintech partnerships for potential cryptocurrency-related activities and other services.”
Though this is the first time the OCC has directly mentioned crypto as a priority, the regulator has been studying crypto for at least three years. Last July, the OCC published an interpretive letter that allowed nationally chartered banks to offer crypto custody services.
Many in the crypto community attributed the OCC’s crypto push to former Comptroller Brian Brooks, who left the OCC in January to briefly serve as CEO of Binance.US.
According to the OCC’s latest plan, the regulator will “identify banks that are implementing significant changes in their operations using new technological innovations…[and] evaluate the appropriateness of the governance processes when banks undertake significant changes.”
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.