Cryptocurrencies

US banks will be able to manage Bitcoin (BTC) and offer crypto services – Cryptocurrencies

There are historic decisions, even if they seem to go against the grain. To everyone’s surprise, the OCC, the American agency in charge of US banking and monetary policy, has just announced that Federal Banks could now offer custody and management services in Bitcoin and crypto-assets for the benefit of their clients. clients.


American banks on the way to Bitcoin

The government agency Office of the Comptroller of the Currency (OCC) has just published a press release that slams like a thunderclap in the US monetary sky. This press release clarifies the conditions under which national banks and organizations in charge of savings will now be able to offerBitcoin and Crypto custody services. Fans of guesswork will be interested in analyzing certain terms in the official press release, including the passage explaining that “Crypto custody services will be able to go beyond the simple passive holding of ‘keys'”.

The OCC, the US banking regulator

The implication of such a semantic precaution suggests a future where traditional banks would be able to offer exchange services or the integration of Bitcoin and other crypto currencies into their panel of more traditional investment products.

Disrupt Coinbase

It’s hard not to notice that the Bitcoin payment card war is raging in the summer of 2020. The demonstration that “digital gold” is increasingly converging with traditional banking devices. On the fund, the major players in the crypto industry today dream of unmissable future giants of Finance 2.0. We will think in particular of Coinbase, whose IPO ambitions are the industry’s worst kept summer secret.

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However, while the crypto platforms see themselves replacing in fine the banks, the latter are perfectly aware of the maneuvers in progress and all the growth potential of the nascent crypto-economy. Thus, the OCC’s approach should not be understood as an off-ground initiative of a government agency seized with a sudden desire for modernity, but as the result of perfectly calibrated lobbying operations: the banks want to get started. in the “Bitcoin business”, and not be the big losers the emergence of decentralized finance.

The OCC is therefore simply accompanying the movement:

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“From safes to virtual vaults, we need to ensure that banks can meet the financial services needs of their customers today. This position clarifies that banks can continue to meet the needs of their customers for safeguarding their most valuable assets, which today for tens of millions of Americans includes Bitcoin and cryptocurrencies. “

Brian P. Brooks, Director of the OCC

While it is always difficult to establish correlations in our bubbling crypto ecosystem, it will however be tempting to see in the recovery of Bitcoin’s price in recent hours, the demonstration of a warm reception of the news by the market. . The most maximalists will be worried about this new prank of the most traditional players in finance in a Bitcoin supposed to retain a form of subversiveness, even underground. The more pragmatic will recall that the fate of Bitcoin was already locked from the moment speculation entered the equation.

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