OCC Lets Banks Hold Crypto Assets

A letter from the Office of the Comptroller of the Currency stated that bank custody services, which have long been understood to include holding digital assets, can extend to cryptographic keys and other crypto-related assets; “From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today,” acting Comptroller of the Currency Brian Brooks, formerly the chief legal officer of the cryptocurrency exchange Coinbase, said in a press release according to American banker. “This opinion clarifies that banks can continue satisfying their customers’ needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency.”; banks can act as a backstop for crypto holders and their keys; the move by the OCC shows there is growing support for crypto assets in the financial system, while the letter does not carry the same weight as regulation it could help pave the way for future changes. American banker.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments