The Office of the Comptroller of the Currency (OCC) has issued new guidance, allowing national banks and federal savings associations to offer crypto custody and stablecoin services without prior regulatory approval.

It marks a significant development for the cryptocurrency sector, following calls to end restrictive banking practices like Operation Choke Point 2.0.

OCC Clears the Way for Banks and Crypto

The latest directive, Interpretive Letter 1183, confirms that banks can engage in these activities under existing banking laws. This eliminates the previous requirement to obtain supervisory non-objection before proceeding.

The new guidance marks a major shift in regulatory policy, streamlining the process for banks to integrate digital assets into their services. Nevertheless, the OCC emphasized that while the approval requirement has been lifted, banks must maintain strong risk management controls akin to those required for traditional banking operations.

“The OCC expects banks to have the same strong risk management controls in place to support novel bank activities as they do for traditional ones,” said Rodney E. Hood, the acting Comptroller of the Currency.  

He added that this decision reduces barriers for banks seeking crypto-related activities. It marks a significant development after legal redress and pushback against unfair regulations from industry executives like Brian Armstrong.

Recently, the Coinbase CEO sued the FDIC (Federal Deposit Insurance Corporation) for trying to sever ties between the banking and crypto sectors.

Key players in the crypto industry, including Circle CEO Jeremy Allaire, have enthusiastically welcomed the OCC’s announcement.

“Let’s go! Banks using USDC. Coming soon to a blockchain near you. We are excited about wiring up the existing financial system to the new Internet financial system. Circle Mint is open for business,” expressed Allaire.

Meanwhile, others, like crypto analyst Marty Party, highlighted the decision’s economic impact. He said the milestone would allow US banks to serve as validators on public networks, custody crypto for customers, and hold stablecoin.

Similarly, popular crypto analyst Scott Melker, aka The Wolf of All Streets, lauded the OCC’s reaffirmation that crypto activities are fully permissible in the US federal banking system.

Of note, the Bank of America (BoA) recently committed to launching a stablecoin if new US regulations allow.

Perhaps, with the latest regulatory breakthrough, the BoA could follow through on this commitment, following others like Ripple in the stablecoin market.  

Custodia Bank CEO Says Not Necessarily A Green Light

Despite widespread excitement, some industry experts have urged caution. Custodia Bank founder and CEO Caitlin Long pointed out that while the OCC’s guidance is a positive step, broader regulatory obstacles remain.

“Wish it were so, but we’re not quite there yet—here’s why. There are nuances to US bank regulation,” she wrote.  

The Custodia Bank executive indicated that anti-crypto guidance from the Federal Reserve (Fed) and FDIC remains in effect. She said this continues to create hurdles for banks that wish to adopt digital asset services fully.

“Amid all the jubilation about the OCC news, Operation Choke Point 2.0 isn’t over until: 1. Fed & FDIC also rescind their anti-crypto guidance, which is still in effect, and 2. Custodia Bank has its Fed master account,” Long explained.

In hindsight, early in 2023, Custodia Bank was denied a master account, which would give it access to the Fed’s liquidity facilities. Based on this, her stance is that the Fed and FDIC were far more detrimental to crypto banking than the OCC.

Ben El-Baz, a founding member of HashKey Group, offered a more optimistic perspective. He suggested that the OCC’s decision could pressure the Fed and FDIC to follow suit.

“On a more optimistic note, it is possible that the OCC as a first mover helps push along subsequent aligned guidance from FDIC and the Fed. Having one institution move forward is better than none,” Baz opined.

Nonetheless, it is a positive development in the right direction, but it might take some time for banks to be able to fully embrace these changes.

The crypto industry is witnessing a resurgence in public market interest, fueled by President Donald Trump’s administration’s pro-crypto stance.

Asset management firm Ark Invest foresaw this prospective wave of interest months ago, indicating that Trump’s stance on crypto would provide a runway for multiple Initial Public Offerings (IPOs).

Gemini Moves Closer to Public Debut

Gemini exchange, the crypto exchange founded by billionaire twins Cameron and Tyler Winklevoss, reportedly filed for an IPO confidentially and could go public as soon as this year.

Bloomberg, citing sources close to the matter, said the exchange was working with financial heavyweights Goldman Sachs and Citigroup. This move came after the US SEC (Securities and Exchange Commission) closed its investigation into Gemini without pursuing enforcement action. As BeInCrypto reported, this cleared a major regulatory hurdle for the firm.

Gemini’s decision to go public coincides with its co-founders’ increasing political engagement. Notably, the Winklevoss twins were among the attendees at Trump’s White House Crypto Summit, reflecting their growing influence in the crypto policy space.

The brothers were also notable financial supporters of Donald Trump’s presidential campaign. They donated Bitcoin beyond the legal limit, resulting in a partial refund.

Trump’s administration has been vocal in supporting cryptocurrency, following through with previous commitments for a strategic crypto reserve. Gemini is poised to take advantage of this favorable climate.

Kraken Plans 2026 IPO Amid Regulatory Shift

Following Gemini’s lead, the Kraken exchange also positions itself for a public offering, reportedly slated for early 2026. The interest comes amid what it sees as a friendlier regulatory environment under President Trump.

The exchange recently disclosed financial highlights for 2024, revealing revenue of $1.5 billion and adjusted earnings of $380 million. Like Gemini, the US SEC also dropped its lawsuit against Kraken, reversing its previous stance and signaling a broader shift in crypto enforcement.

Like Gemini, the Biden administration stifled Kraken’s IPO ambitions due to regulatory pressures, including SEC enforcement actions. However, with both cases now settled, the companies see an opportunity to enter the public markets.

Kraken Co-CEO Arjun Sethi also attended the White House Crypto Summit, signaling the company’s alignment with the administration’s crypto-friendly policies.

Based on these, therefore, the IPO climate for crypto firms appears increasingly favorable. Cathie Wood’s Ark Invest had predicted that firms like Kraken and stablecoin issuer Circle would pursue IPOs under a Trump administration, a forecast that now seems to be materializing.

Meanwhile, Kraken and Gemini are not alone in this trend. BitGo, a major digital asset custodian, is also reportedly exploring a public listing in the second half of 2025.

Ethereum (ETH) remains under pressure, struggling to break above $2,300. Its technical indicators still point to a downtrend. The BBTrend indicator is improving but remains negative, showing that bullish momentum hasn’t fully developed.

At the same time, the number of Ethereum whales has increased slightly, possibly due to the White House Crypto Summit, as investors anticipate regulatory shifts or the inclusion of ETH in the US strategic crypto reserve. For ETH to turn bullish, it needs to break key resistance levels and sustain buying pressure.

BBTrend Shows the Uptrend Isn’t Here Yet

Ethereum’s BBTrend indicator has climbed to -2.6, improving from -5.12 just a day ago. BBTrend, short for Bollinger Band Trend, is a technical indicator that helps identify price trends and momentum by measuring price deviations from a moving average.

When the BBTrend is deeply negative, it suggests strong bearish momentum, while a positive reading indicates bullish strength.

For Ethereum’s bullish uptrend to gain traction, BBTrend needs to cross above 0 and break higher levels. Two days ago, it briefly turned positive but only reached 1.98 before reversing lower, signaling weak buying pressure.

If BBTrend can push beyond its previous high and sustain positive levels, it would confirm stronger momentum, increasing the chances of Ethereum’s price maintaining a bullish trend.

Whales Accumulated ETH, But The Overall Trend Is Still Down

The number of Ethereum whales – addresses holding at least 1,000 ETH – has risen slightly to 5,768, up from 5,762 on March 5. However, the broader trend remains downward, as the count was 5,828 on February 22.

Tracking these large holders is crucial because whale activity often signals shifts in market sentiment, with accumulation suggesting confidence in price appreciation and distribution indicating potential selling pressure.

This recent uptick in whale numbers could be linked to the White House Crypto Summit, as major investors may be positioning themselves ahead of potential regulatory developments and the inclusion of ETH in the US strategic crypto reserve.

If this increase continues, it could indicate renewed confidence in Ethereum’s long-term outlook. However, for a stronger bullish case, a sustained rise in whale accumulation would be needed, reversing the recent downtrend.

Will the White House Crypto Summit Benefit Ethereum?

Ethereum has struggled to break above $2,300 in recent days. Its EMA lines still signal a downtrend as short-term averages remain below long-term ones.

If selling pressure increases, Ethereum price could test support at $2,077, and a breakdown below this level might push it as low as $1,996, reinforcing the bearish outlook.

However, if Ethereum reverses its trend, it could challenge resistance at $2,550 and potentially climb toward $2,855.

A strong breakout above these levels could set the stage for ETH to reclaim $3,000, a level it hasn’t reached since February 1, 2025, signaling renewed bullish momentum.