- The US of the United States has aligned itself with other agencies to issue clear regulations in cryptography as part of the Donald Trump administration.
- American banks can now work with DEFI protocols to ensure a dominant secure adoption of digital assets.
The United States Office of the Currency Controller (OCC) announced on Wednesday, May 7, that national banks and federal savings associations can participate in childcare and trading services. According to the letter of interpretation published 1184, banks can buy and sell cryptographic assets held towards the customer.
In addition, the OCC has specified that national banks and federal savings associations are authorized to outsource the activities of permissible assets to third parties.
“As with all activity, a bank must carry out police custody activities of cryptocurrencies, including via a subgardian, in a safe and solid way and in accordance with the applicable law,” noted the OC.
The main points to remember from the announcement of the OCS and the impact on the cryptography market
OCC approval for banks to manage cryptographic assets is a clear indication of the growing demand for cryptocurrencies by institutional investors. The notable elevation of the tokenization of active active people has drawn notable attention from the legislators seeking to ensure the clarity of the cryptography market and the protection of investors.
With Wall Street banks authorized to manage cryptographic assets of the OCC, the treasury entry to cryptographic investment products will experience a strong short -term increase. In addition, the American banking sector has experienced significant opposite winds, including high losses not made on their investment securities.
The adoption of blockchain technology by traditional finance was inevitable retrospective as a means of ensuring prospects for sustainable future growth.
