US Clears Path to Bank on Bitcoin
With a momentous decision for cryptocurrency proponents, Uncle Sam may be on the path to rightfully leading the blockchain renaissance.
Just shy of 60 days into his role leading the US Government’s Office of the Comptroller of the Currency (OCC), Acting Comptroller Brian Brooks formally permits national and state banks the authority to provide custody for cryptocurrency and digital assets.
“It’s not clear that customers always want their financial services in a bundled form.” Brooks continued, “One of the reasons for a rise in FinTech is an unbundling that is happening.” Prior to joining the OCC, Brooks was chief legal officer at Coinbase; the largest cryptocurrency exchange in the United States with over 30 million users.
“From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today,” said Acting Comptroller of the Currency Brian P. Brooks. “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.”
You can read the letter in its entirety here.