Banks Get the Go-Ahead to Fill Their Crypto Gas Tanks

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Banks can now officially hold cryptocurrency to pay for “gas” on blockchain networks, according to fresh guidance from a top US bank regulator. The move removes a major practical barrier for banks looking to dive deeper into the world of digital assets.

The Treasury Department’s Office of the Comptroller of the Currency (OCC) said Tuesday that it’s a perfectly acceptable part of banking business to hold crypto like Ethereum’s ETH specifically to cover the transaction fees required to operate on certain networks.

The OCC framed this as a logical necessity, pointing out that without this ability, banks are stuck with clunky workarounds. “This process can add costs and significant risks,” the agency warned, citing issues like operational complexity, price volatility, and transaction delays.

The explicit permission, detailed in a new letter, effectively streamlines how banks can interact with crypto networks. Instead of jumping through hoops to acquire crypto for fees right before a transaction, they can now manage it directly.

This decision is the latest in a string of crypto-friendly actions from federal agencies over the past year, reflecting a changing tide in Washington’s view of the digital asset space.