OCC Opens Doors for Banks to Embrace Blockchain, Crypto
In a clarification, the US Office of the Comptroller of the Currency (OCC) reaffirmed that various crypto activities are authorized within the federal banking system.
This is far more significant than most people realize and has the potential to transform the game. Broadly, the OCC’s decision includes:
- Banks now have the ability to custody crypto assets: This paves the way for traditional financial institutions to store their customers’ digital assets. It also marks a significant shift in institutional adoption, following the success of ETFs.
- Stablecoins can be utilized for regular transactions: Under this, financial institutions are now authorized to utilize blockchain networks and stablecoins for payment operations. This confirms…
