US Banks Get Nod From Regulator To Begin Custodying Bitcoin & Other Cryptos For Clients

Huge development — but not completely surprising. The world is marching toward crypto, and a one world system which may use currencies like Bitcoin and Ethereum in some form or other. The full shock of mass unemployment from the COVID19 lockdowns has not even begun to be fully felt yet around the world. Even during the Great Depression, one could go to work, and every diner, factory and grocery store that could was allowed to operate at full capacity.

The Wolf of Wall Street, played by Leonardo DiCaprio, embraces a colleague on a particularly big day.

The Wolf of Wall Street, played by Leonardo DiCaprio, embraces a colleague on a particularly big day.

Unprecedented times, and kudos to the regulators for getting this one right, for a change. From Yahoo! Finance:

The Office of the Comptroller of the Currency (OCC) is letting all nationally chartered banks in the U.S. provide custody services for cryptocurrencies.

In a public letter dated July 22, Senior Deputy Comptroller and Senior Counsel Jonathan Gould wrote that any national bank can hold onto the unique cryptographic keys for a cryptocurrency wallet, clearing the way for national banks to hold digital assets for their clients.

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