Crypto Wins Banking Toehold as OCC Lets Lenders Handle Custody

July 22, 2020, 5:00 PM

U.S. banks can provide custody services for customers’ cryptocurrency assets, the Office of the Comptroller of the Currency says in a statement released Wednesday.

  • The regulator says the interpretive letter clears the path for custody services at national banks for digital currencies such as Bitcoin
  • “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,” says Brian Brooks, acting chief of the OCC
  • Brooks, a former chief lawyer for cryptocurrency exchange Coinbase Inc., has sought increased access to the banking system for ...

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