Oh, darling, hold onto your monocles! 🎩 US Bancorp is dusting off its Bitcoin (BTC) custody services for the distinguished institutional investment managers. It seems the regulatory winds have shifted, and the show must go on-after a rather *dramatic* three-year intermission. 🎭
US Bancorp Resumes Bitcoin Custody For Fund Managers
On Wednesday, the bank announced its grand re-entry into the crypto custody scene. 🚀 Apparently, the Biden-era guidance that once played the villain has been swept offstage, allowing financial institutions to strut their stuff once more. 💃
Recall, if you will, the original announcement in 2021, when US Bank partnered with fintech darling NYDIG. But alas, the curtain fell in early 2022 when the SEC dropped Staff Accounting Bulletin No. 121 (SAB 121), demanding custodians hold capital on their balance sheets. 📜 Cue the dramatic pause. 🎬
Fast forward to this year, and the rule has been rescinded, thanks to a stroke of Trump’s pen. 🖋️ The Office of the Comptroller of the Currency (OCC), the FDIC, and the Federal Reserve have also waved goodbye to the “reputational risk” examination. 🎉 Now, isn’t that a relief?
Stephen Philipson, head of wealth, corporate, commercial, and institutional banking at US Bank, waxed poetic: “Following greater regulatory clarity, we’ve expanded our offering to include Bitcoin ETFs. It’s a full-service solution for managers seeking custody and administration services.” 💼✨
The bank is now offering its Bitcoin custody services as an early access program to Global Fund Services clients. Think of it as a velvet rope affair for institutional investment managers with registered or private funds. 🕴️
“We had the playbook,” Philipson quipped, “and now it’s simply a matter of reopening it and executing it again.” 📖🔓 They’ll likely scale up after assessing demand and marketplace development. Stay tuned, darlings. 📢
Rumor has it that the bank is exploring how crypto and stablecoins might fit into its wealth, payments, and consumer banking requirements. 💡 And if additional cryptocurrencies meet the bank’s lofty standards, they might just join the party too. 🎉
Similarly, Citigroup is reportedly eyeing crypto custody and payment services. The bank is also studying custody offerings for crypto-linked exchange-traded products, including Bitcoin ETFs. 🧐 Another player in the crypto drama? How thrilling. 🎭
US Regulatory Shift Continues
US regulators have announced new efforts to crown America as “the crypto capital of the world.” 👑 On Tuesday, the SEC and CFTC issued a joint statement clarifying their views on spot crypto trading in the US. 📜
According to the statement, SEC and CFTC-registered exchanges are free to facilitate the trading of certain spot commodity products. 📈 This sets the stage for traditional financial venues to dip their toes into these sparkling waters. 🌊
The regulatory agencies are ready to engage with market participants, support consideration, and address related questions. 🤝 CFTC Acting Chairman Caroline D. Pham declared, “Under the prior administration, our agencies sent mixed signals, but that chapter is over.” 📖❌
Meanwhile, SEC Chairman Paul Atkins affirmed, “Market participants should have the freedom to choose where they trade spot crypto assets.” He added, “The SEC is committed to working with the CFTC to ensure our regulatory frameworks support innovation and competition.” 🏛️💡
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2025-09-04 06:14