The Currency (OCC) controller’s office has allowed banks in the United States to offer its customers to serve as crypto custody and management. The move has increased the list of measures that US President Donald Trump’s government has recently taken to change the policies related to the crypto -introduced Crypto policies. Acting Controller Rodney Hood published a letter on Wednesday, providing clarification for national banks and Federal Saving Associations under the OCC.
Due to the fluctuations and risks associated with the sector, the banks’ engagement with crypto currencies was discouraged. However, the US president’s plan to make the United States a “crypto capital of the World” has led to an attempt to encourage engagement with digital assets, as one of the government’s top priorities.
US banks can now help consumers buy and sell crypto assets
Opportunity Said Consumers of the US National Banks and the Federal Saving Association can now access crypto custody services from their lenders in the United States. At the discretion of consumers, bank crypto can also help buy and sell assets.
Eligible banks can also mold the third party as “sub -custodian” to facilitate crypto activities for their customers. The OCC said they could include “crypto custody and implementation services”. However, if the third party is included, banks will need to implement the risk management provisions.
Of the comproller hood Explanatory letter #1184 Famous banks can offer their customers to report and keep crypto -fat conversion, trade executions, tax services, as well as reporting and records of crypto holding. It added that crypto custody services are a modern form of traditional bank custody activities.
After returning to the White House, President Trump instructed the SEC to set up a crypto task force this year to draft crypto rules.
By aligning with President Trump’s vision, major US agencies are changing their point of view about the crypto sector.
In April, the Federal Reserve canceled the need to approve the banks before engaging with Crypto, a rule introduced by the former US President Joe Biden’s administration.
The US Commodity Future Trading Commission (CFTC) and the Federal Deposit Insurance Corporation (FDIC) have also allowed Fintex to engage with crypto under its supervision and eliminate the difference between traditional finance and crypto currencies.
Meanwhile, President Trump has directed the Crypto Task Force to present a crypto role book for the United States by August.
