U.S. Banks Can Now Offer Crypto Custody and Payments
The Most Important Points at a Glance
US banks are now allowed to custody cryptocurrencies and stablecoins, as well as utilize blockchain technologies. This decision comes from the Office of the Comptroller of the Currency (OCC), the U.S. banking regulatory authority. The new policy lifts previous restrictions that had prevented banks from engaging in crypto activities. Market observers see this as a positive step for the industry.
New Freedoms for U.S. Banks
The OCC has clarified that banks are now officially permitted to custody digital assets for customers, process stablecoin payments, and operate blockchain nodes. This decision aims to eliminate regulatory uncertainties and facilitate banks’ access to the crypto economy.
Rodney E. Wood, a senior official at the OCC, stated: “This measure reduces barriers for banks in crypto activities and ensures that these activities are treated uniformly, regardless of the underlying technology.”
Removal of Previous Restrictions
With this decision, the OCC overturns previous guidelines that classified cryptocurrencies as a liquidity risk for the banking system. In the past, banks faced difficulties entering the crypto market due to regulatory uncertainties and strict regulations.
The new policy also ends the practice known as “Operation ChokePoint 2.0,” which had deliberately excluded banks from crypto services.
Industry Reactions
Jeremy Allaire, founder of Circle (USDC), welcomed the decision, stating: “Banks using USDC – coming soon to a blockchain near you. We look forward to connecting the existing financial system with the new internet financial system.”
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Alexander Grieve, Head of Government Affairs at Paradigm, also expressed a positive view: “The OCC is overturning previous guidelines that kept banks from crypto activities. This marks the end of Operation ChokePoint 2.0.”
Market analyst Marty Party sees this as a significant development for the stablecoin market. He believes that major blockchains can now move trillions of dollars for banks, potentially reducing Ripple’s (XRP) influence on the banking sector.
Growing Acceptance of Crypto in the Banking Sector
The OCC’s decision highlights the increasing integration of blockchain and stablecoins into the traditional financial system. Major banks such as JPMorgan, Goldman Sachs, and BNY Mellon are already exploring crypto services, including the custody of Bitcoin ETFs. This puts them in direct competition with established crypto exchanges like Coinbase.
Our Assessment
The approval of crypto services for U.S. banks is a significant step for the industry. It provides regulatory clarity and allows banks to actively engage in the crypto market. This could further increase the acceptance of digital assets and strengthen the connection between traditional finance and blockchain technology.
In the long term, this could lead to broader adoption of stablecoins and crypto services in the banking sector. At the same time, it remains to be seen how other regulatory authorities and international markets will respond to this development.
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