• The U.S. OCC has aligned with other agencies to issue clear crypto regulations under the Donald Trump administration. 

• U.S. banks can now work with DeFi protocols to ensure a secure mainstream adoption of digital assets.

The United States Office of the Comptroller of the Currency (OCC) announced on Wednesday, May 7, that national banks and federal savings associations can participate in crypto asset custody and trading services. According to the published Interpretive Letter 1184, banks may buy and sell crypto assets held in custody at the customer’s direction.

Additionally, the OCC clarified that national banks and federal savings associations are permitted to outsource to third parties bank-permissible crypto-asset activities. 

“As with any activity, a bank must conduct crypto-asset custody activities, including via a sub-custodian, in a safe and sound manner and in compliance with applicable law,” the OCC noted. 

Key Takeaways from OCC Announcement and Crypto Market Impact

The approval by the OCC for banks to handle crypto assets is a clear indication of the rising demand for cryptocurrencies by institutional investors. The notable surge in real-world assets tokenization has attracted notable attention from lawmakers seeking to ensure crypto market clarity and investor protection.

With Wall Street banks permitted to handle crypto assets by the OCC, the cash inflow to crypto investment products will experience a sharp uptick in the near term. Moreover, the U.S. banking industry has experienced significant headwinds, including high unrealized losses on their investment securities.

The adoption of blockchain technology by traditional finance was in retrospect inevitable as a means to ensure sustainable future growth prospects.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed