On November 18, 2021, the OCC issued Interpretive Letter 1179 regarding (i) the authority of a bank to engage in cryptocurrency activities permitted under interpretive letters issued in 2020 and early 2021, and (ii) the authority of the OCC to charter a national trust bank. The letter notes that national banks and federal savings associations must demonstrate to the OCC that they have adequate controls in place prior to engaging in cryptocurrency activities. Banks that have yet to engage in cryptocurrency activities should refrain from doing so until they receive a notice of supervisory non-objection from the OCC; those banks that have already commenced cryptocurrency activities are not required to discontinue those activities, but should notify their supervisory office. The letter notes that all OCC-regulated banks should expect their cryptocurrency activities to be reviewed as part of the ongoing supervisory process.