Two top-10 U.S. banks express interest in Bitcoin custody services

U.S. Bancorp and PNC Financial Services Group—ranked fifth and seventh by assets in the United States—found themselves among the financial institutions that responded to authorities’ permission for banks to hold cryptographic keys for cryptocurrency wallets.

Representatives of the organisations were among those who откликнулся to предложение by the Office of the Comptroller of the Currency (OCC), part of the U.S. Treasury, to explain how cryptocurrencies and other fintech tools could find application in the financial sector.

Dominic Venturo, the head of digital assets at U.S. Bancorp, noted that the OCC and other banking regulators should issue guidance regarding the cryptocurrency market and DLT services.

“U.S. Bancorp does not take a position on the role that cryptocurrency should play in the financial services sector. But the bank is interested in regulatory clarity to serve the cryptocurrency market,” he said.

Venturo proposed that the OCC draw a distinction between utility tokens, stablecoins and exchange-traded tokens. He also urged clarifications on the requirements for providing custody services and cross-border restrictions.

Steven Van Vik, PNC Bank’s head of technology and innovation, in his comment noted that the OCC should “strengthen the risk-based approach applied by national banks when considering new products, but should not pursue the goal of eliminating risks altogether.”

“A supervisory system focused solely on preventing risks will almost inevitably hinder responsible innovation and the adoption of new technologies by national banks,” he explained.

In addition to U.S. Bancorp and PNC Financial Services Group, the OCC also received comments from Visa, Mastercard, Coinbase, Digital Currency Group, ConsenSys, BitGo Holdings, Silvergate Bank, Grayscale Investments and Algorand.

Earlier, the British banking group Standard Chartered said it planned to launch a custodial solution for institutional investors in cryptocurrencies.

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