OCC Interpretive Letter 1188 allows US national banks to conduct riskless principal crypto-asset trades

On December 9, 2025, the Office of the Comptroller of the Currency said national banks may conduct riskless principal crypto-asset transactions under Interpretive Letter 1188. The model allows banks to intermediate client trades by offsetting buys and sells without holding inventory, reducing settlement and counterparty exposure. It aligns brokerage-style crypto activity with established banking practices.