Yesterday the Office of the Comptroller of the Currency (OCC), a branch of the U.S. Treasury, announced that banks can provide digital asset custody services in the same way as they provide safe deposit boxes. It published a letter outlining its opinion in interpreting existing legislation. While some welcomed the decision with glee, not everyone is happy about it. Does the legal interpretation apply same function, same regulation or same risk, same regulation?
“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.”
Brooks has been in his position for two months and was formerly the Chief Legal Officer of Coinbase, the largest U.S. cryptocurrency exchange.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
