Bitcoin Policy Changes: OCC Shifts, NH Reserve, AZ Asset Law
This week marked a significant turning point in U.S. Bitcoin legislation, with major developments at both federal and state levels. From the Office of the Comptroller of the Currency (OCC) greenlighting bank involvement in crypto services to New Hampshire and Arizona enacting pioneering state laws, the regulatory landscape for digital assets is rapidly evolving.
OCC Clears Banks for Crypto Custody and Trading
In a landmark move, the OCC issued Interpretive Letter 1184, confirming that national banks and federal savings associations can offer cryptocurrency custody and trading services. This includes the ability to buy and sell digital assets on behalf of customers and to outsource related activities to third-party providers, provided they adhere to robust risk management practices and regulatory compliance .
This clarification builds upon a broader March 2025 statement that reversed previous directives requiring OCC approval before banks could engage with digital assets . While the OCC's stance is now clear, the Federal Reserve's position remains somewhat ambiguous. Although the Fed has withdrawn supervisory letters that previously urged caution for banks engaging in cryptocurrency activities, some industry observers note that the Fed's policy still implies that holding cryptocurrency may be considered unsafe and unsound for banks.
New Hampshire Establishes Strategic Bitcoin Reserve
New Hampshire has become the first U.S. state to establish a cryptocurrency reserve under newly passed legislation HB 302. Signed into law by Governor Kelly Ayotte, the bill allows the state treasurer to allocate up to 5% of public funds into precious metals and digital assets with a market capitalization exceeding $500 billion—currently including only Bitcoin.
The digital assets will be securely stored either through a custody solution or an exchange-traded product, ensuring maximum security and transparency for taxpayers. This move surpasses federal efforts under the Trump administration, which planned a national Bitcoin reserve using only assets already held by the government, without committing to new acquisitions.
Arizona Enacts Law on Unclaimed Digital Assets
Arizona has recently enacted House Bill 2749, allowing the state to claim ownership of unclaimed digital assets, including cryptocurrencies, that have been abandoned for at least three years. This legislation makes Arizona the first state to retain unclaimed digital assets in their original form.
Additionally, the law establishes the Arizona Bitcoin & Digital Assets Reserve, channeling profits from unclaimed property into Bitcoin and other top-tier digital assets. However, a separate bill proposing up to 10% investment of state funds in digital assets was vetoed due to concerns over the risk to retirement funds.