U.S. Bancorp Resumes Crypto Custody as Regulators Clear Path

U.S. Bancorp is relaunching its cryptocurrency custody services for institutional investment managers, becoming one of the early bank providers in an increasingly competitive space.

The fifth-largest commercial bank first announced its crypto custody services in 2021 in partnership with fintech company NYDIG, but it paused those plans after the US Securities and Exchange Commission issued guidance requiring custodians to hold capital on balance sheet for such activities, said Stephen Philipson, who heads the wealth, corporate, commercial and institutional banking unit at the company’s U.S. Bank subsidiary.

A US Bank office in San Francisco

Photographer: David Paul Morris/Bloomberg

The SEC rescinded the rule shortly after President Donald Trump began ...