The Office of the Comptroller of the Currency (OCC) has issued a new letter announcing the withdrawal of Explanatory Letter 1179 dated November 18, 2021, and reiterating that crypto asset custody, distributed ledger, and stablecoin activities discussed in the previous letter are permissible. In the letter, the OCC confirmed that "the Federal Bank and the Federal Savings Association may conduct crypto asset custody, certain stablecoin activities, and participate in the Independent Node Verification Network". Rodney E. Hood, acting commissioner of the Office of the Comptroller of the Currency, said: "The OCC expects banks to support this new type of banking with the same robust risk management controls as traditional banking." The agency also said it has also withdrawn its requirement that institutions implement restrictive controls before engaging in crypto activities.