Michael Saylor: OCC, Fed, and FDIC allow banks custody of crypto assets
@saylor: OCC allows crypto custody
The Office of the Comptroller of the Currency (OCC), the Federal Reserve (Fed), and the Federal Deposit Insurance Corporation (FDIC) have confirmed that banks are authorized to offer custody and safekeeping services for crypto-assets, including Bitcoin.
This statement reaffirms previous guidance allowing banks to engage in cryptocurrency custody services under existing risk management frameworks. Michael Saylor, co-founder and executive chairman of MicroStrategy and a prominent voice in the cryptocurrency sphere, tweeted about this announcement, underscoring the evolving regulatory landscape supporting the integration of digital assets in traditional banking.
This development signals a significant step for institutional involvement in cryptocurrency, aligning banking practices with advancing digital asset markets. The affirmation underscores the regulatory bodies' intent to facilitate safe involvement in crypto-asset services within a defined risk management context.
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These regulatory affirmations further reinforce the framework within which banks can support digital assets, mirroring themes discussed when Michael Saylor outlined Bitcoin business models and strategies at BTC Prague. The enhanced institutional adoption also recalls broader developments, such as Bitcoin’s growing acceptance as a reserve asset in the U.S. housing system, highlighting the dynamic interplay between regulatory direction and cryptocurrency integration in mainstream finance.
In the previous news, tweet author Michael Saylor discussed the potential of cryptocurrencies in modern finance.
