US Comptroller Of Currency: Banks Must Be Allowed To Let Customers Store Bitcoin & Crypto
US Comptroller of the Currency, Brian Brooks, says we should be able to store our Bitcoin and crypto in the bank:
Banks Must Be Allowed to Let Customers Store Bitcoin and Cryptocurrency, Says Top US Regulator
“There are 40 or 50 million Americans who currently own crypto assets. That’s not widely understood. I think your average person on the street believes crypto is super unusual and really niche. But that’s really not so. And if the national banking system is going to play its role of providing a safe haven for people to store and transact value, then that has to include whatever financial assets people are holding at any given moment, and crypto is one of those.”
In July, the Office of the Comptroller of the Currency (OCC) released a letter stating that banks may hold cryptocurrency on behalf of their clients, noting that they must “meet the financial services needs of their customers today… which today for tens of millions of Americans includes cryptocurrency.” Several banks have expressed interest in the idea since then.
Brooks, a former executive of crypto exchange Coinbase, says the goal of that letter was to “demystify” crypto and acknowledge that it is an asset class many customers want to hold.
“The custody piece recognizes that and tries to demystify [crypto] by saying, ‘Look, the market is speaking. These people want it. You banks have a role. Go do the banking role.’”
The acting comptroller says his office is neither an advocate nor an opponent of the crypto space. As a regulator, he says they simply wish to provide a framework that polices crypto without stifling it.