The U.S. OCC allows banks to hold cryptocurrency to pay network fees

According to The Block, the Office of the Comptroller of the Currency (OCC) of the U.S. Treasury Department issued clarification letter 1186 on Tuesday, confirming that banks can hold specific cryptocurrencies to pay for blockchain network fees.

The OCC specifically mentioned the Ethereum network as an example, noting that Ethereum transactions require gas fees to be paid in ETH, and banks can hold the necessary cryptocurrencies on their balance sheets to cover these costs. The guidance document states, "We confirm that the proposed activities described by banks are permissible," and explains that failing to do so could result in "costs and significant risks associated with operational complexity, asset price fluctuations, and transaction delays."