September 22, 2020 OCC issues guidance for US banks engaging in stablecoin activities.

The Office of the Comptroller of the Currency (OCC) issued a news release on September 21st, stating that national banks and federal savings associations can hold reserves for customers that issue stablecoins. Brian P. Brooks, Acting Comptroller of the Currency, further stated that the new guidance increases the regulatory certainty for banks within the banking system currently engaging in stablecoin activities. On the same day, the Securities and Exchange Commission (SEC) provided a statement from their FinHub division, clarifying that while some stablecoins may not be securities, issuers should first work with the body to obtain clarification.