In a public
letter dated July 22, Senior Deputy Comptroller and Senior Counsel
Jonathan Gould wrote that any national bank can hold onto the unique
cryptographic keys for a cryptocurrency wallet, clearing the way for
national banks to hold digital assets for their clients.
The
letter marks a major development for the crypto industry. Previously,
custody was the province of specialist firms, such as Coinbase, which
typically needed a state license, such as a trust charter, to offer the
service to large investors. Now, large, regulated financial companies
that already provide similar safekeeping services for stock certificates
and the like could enter the fray.
The
letter, which appears to be addressed to an unidentified bank or
similar entity, notes that banks “may offer more secure storage services
compared to existing options,” and that both consumers and investment
advisors may wish to use regulated custodians to ensure they don’t lose
their private keys, and therefore, access to their funds.
No comments:
Post a Comment