- Banks can now manage stablescoins, cryptography custody and distributed registers
- Market observers believe that this is a massive and long rear wind update for the sector
American banks are now free to engage in certain Crypto activities, including custody of digital assets for customers, stabing payments or the execution of blockchain nodes.
Clarification came from the OCC (currency controller office), an agency mandated to supervise the solid and safe operations of banks and savings associations.
Rodney E. Wood, an OCC leader, declared,,
“Today’s action will reduce the burden of banks to engage in activities related to crypto and guarantee that these banking activities are treated in a coherent manner by the OCC, whatever the underlying technology.”
The agency also canceled the previous guidelines that chose crypto as a liquidity risk for the banking system.
Market reactions
Reacting to the update, Jeremy Allaire, founder of Circle (USDC), said,,
“Banks using USDC. Coming soon in a blockchain near you. We are delighted to wire the existing financial system to the new Internet financial system. »»
The previously coordinated banking restriction, known as the “Operation Chokepoint 2.0”, pushed the crypto-de-banking and blocked the banks to participate in the sector. Interestingly, the update complies with pro-Crypto change under the new Trump administration.
Outside the OCC, a similar pro-Crypto position has been observed at the dry and Fdic (Federal Deposit and Insurance Corporation) lately. In fact, Alexander Grieve, head of government affairs in the paradigm, echoed the same feeling. He declared,,
“OCS cancels the previous guidelines that prevented banks from engaging in any cryptographic activity. Goodbye, Operation Chokepoint 2.0. »»
For his part, Market Watcher Marty Party noted that the advice would allow the best channels to move billions of dollars (Stablecoins) for banks. He claimed This could work the control of Ripple on the rails of large banking books.
“It also tries the $ XRP effort from Ripple to monopolize the rails of large banking books. Win-win. Huge news. “”
That said, this decision strengthens the growing adoption of blockchain and stabbed in traditional financial systems. Some best banks like JPMorgan, Goldman Sachs and Bny Mellon envisage crypto offers, including the guard for us, the Bitcoin ETF (BTC) – Direct competition to Coinbase.
