{"id":9413,"date":"2020-07-23T20:20:01","date_gmt":"2020-07-23T17:20:01","guid":{"rendered":"https:\/\/forklog.media\/?p=9413"},"modified":"2020-07-24T01:54:22","modified_gmt":"2020-07-23T22:54:22","slug":"us-regulator-greenlights-banks-to-provide-custody-services-for-crypto","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/us-regulator-greenlights-banks-to-provide-custody-services-for-crypto\/","title":{"rendered":"US Regulator Greenlights Banks to Provide Custody Services for Crypto"},"content":{"rendered":"<p>The Office of the Comptroller of the Currency (OCC), which is an independent bureau within the United States Department of the Treasury, has officially allowed federally chartered banks to store cryptocurrency wallet keys.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets <a href=\"https:\/\/t.co\/lZS1xj3ZMK\">https:\/\/t.co\/lZS1xj3ZMK<\/a><\/p>\n<p>&mdash; OCC (@USOCC) <a href=\"https:\/\/twitter.com\/USOCC\/status\/1286009624856940544?ref_src=twsrc%5Etfw\">July 22, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The open letter written by the OCC Deputy Head Jonathan Gould suggests that banks are capable of offering safer custody services than existing market players. Banks are now allowed to provide fiduciary and non-fiduciary custody services. Apart from banks, the decision also covers federal thrifts.<\/p>\n<p>Notably, the letter also suggests that custodial services may \u201cextend beyond passively holding \u2018keys\u2019.\u201d<\/p>\n<p>Brian Brooks, former Coinbase executive and current head of the OCC, added that &#8220;from safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today.\u201d He believes that dozens of millions of Americans see cryptocurrencies as valuable assets.<\/p>\n<p>The decision seems to garner high appreciation from the crypto-industry.<\/p>\n<p>https:\/\/twitter.com\/zhusu\/status\/1286075246785605632<\/p>\n<p>https:\/\/twitter.com\/barrysilbert\/status\/1285989941898612739<\/p>\n<p>https:\/\/twitter.com\/prestonjbyrne\/status\/1285987556241420288<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Prediction: JPMorgan Chase will acquire Coinbase.<\/p>\n<p>&mdash; Bitcoin is Saving (@BitcoinIsSaving) <a href=\"https:\/\/twitter.com\/BitcoinIsSaving\/status\/1286045524030885888?ref_src=twsrc%5Etfw\">July 22, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Currently, Coinbase Custody is the biggest institutional crypto custodian in the U.S. It manages $7 billion worth of digital assets. Other major custodians in the U.S. are Fidelity Digital Assets, BitGo, and Bakkt.<\/p>\n<p><b>Follow us on <\/b><a href=\"https:\/\/twitter.com\/forklogmedia\"><b>Twitter<\/b><\/a><b> and <\/b><a href=\"https:\/\/www.facebook.com\/forklogmedia\"><b>Facebook<\/b><\/a><b> and join our <\/b><a href=\"https:\/\/t.me\/forklogmedia\"><b>Telegram channel<\/b><\/a><b> to know what\u2019s up with crypto and why it\u2019s important.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Office of the Comptroller of the Currency (OCC), which is an independent bureau within the United States Department of the Treasury, has officially allowed federally chartered banks to store cryptocurrency wallet keys.<\/p>\n","protected":false},"author":8,"featured_media":9385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[22],"class_list":["post-9413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks"],"aioseo_notices":[],"amp_enabled":true,"views":"970","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=9413"}],"version-history":[{"count":7,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9413\/revisions"}],"predecessor-version":[{"id":9420,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9413\/revisions\/9420"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/9385"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=9413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=9413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=9413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}