Right, so picture this: it’s May 7, the day when the U.S. Office of the Comptroller of the Currency (the OCC, for those on acronyms terms) basically told banks, “You know what? Just crack on with the crypto stuff. Don’t bother asking for permission. Just be sure you’re not hacked by a 14-year-old with a laptop.”
Banks can now hoard your crypto wallets, execute trades, and generally get up to blockchain mischief without filling out those tragically bureaucratic “no objection” forms inherited from the “nanny-state” Biden years. Progress or the end times? Why not both? 🥂
Crypto—So Normal Now Even Your Grandma’s Banker Might Ask About Your NFTs
Interpretive Letter 1184 has apparently joined the chat, building on earlier “Yes, but…” letters (1170, 1183 for the nerds keeping score). Banks are now officially allowed to say, “Yes, we do crypto custody, and yes, we’ll hand the hard stuff to other folks if it looks a bit techy.” Outsourcing is legal—as long as you play by the ‘no felonies’ rulebook.
All this after the OCC’s March update, where someone finally asked: “Do we actually need to pre-approve all of this?” Spoiler: No. Someone at OCC was definitely overdoing the admin.
Congress: “Finally, Something We Can Agree On! Crypto!” 🪙
The Financial Services Committee is grinning and calling it “a step forward!” Some might say they’re just bored of fighting over everything else, and crypto at least sounds futuristic rather than icky.
Senator Cynthia Lummis has decided we should “embrace digital assets”—because apparently missing out would be embarrassingly passé. Legal types like Katherine Kirkpatrick Bos are treating this as The Moment Crypto Went Full Mainstream™. There may have been confetti.
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- Breaking: Arizona Becomes Second U.S. State to Adopt Bitcoin for State Treasury (Watch out, Ohio, your move.)
Here’s Why the Crypto Kids Are Buzzing
- Goodbye, pointless paperwork: No more “do you mind if…?” letters for banks. Bureaucrats everywhere mourn.
- Third-party shenanigans: Banks can finally rope in regulated crypto upstarts—like babysitting, but with more blockchain.
- Crypto custody in actual banks: Because why would you want your life savings in something called “NotAScam.io”?
With the OCC flinging open the digital doors, expect more banks to start flirting with crypto, even if it’s just to look trendy at family gatherings. Global digital asset race: now featuring Americans, not just tech bros in Singapore.
Keep Up with the Crypto Circus!
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FAQs
What did the OCC just do, exactly?
On May 7, they patted banks on the back and said, “Go on, play with crypto—you don’t have to ask every time you want to use the bathroom.”
Why are crypto fans actually celebrating for once?
Because less red tape means banks can finally act like fintechs. Next: bankers in hoodies?
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2025-05-08 07:35