The Obstacle to the Billion-Dollar Crypto Flow in the US Is Removed: Green Light for Banks! - Coin Newsletter

The U.S. banking authority, the OCC, has removed previous barriers in the industry by announcing that banks can participate in cryptocurrency custody services, stablecoin activities, and blockchain validation.

The Office of the Comptroller of the Currency (OCC)**, one of the top banking regulators in the United States, has taken a critical step that will make it easier for banks to operate in the crypto space following the Trump administration's call to repeal anti-crypto bank policies. With the new directive, national banks and federal savings institutions will now be able to carry out transactions related to crypto assets without the need for special permission from regulators beforehand.

The OCC's Interpretive Letter 1183 clearly states that banks can now perform crypto asset custody (crypto custody), certain stablecoin transactions, and node validation activities on the blockchain. In addition, the approval and special control processes that banks had to obtain before carrying out these activities were completely eliminated.

Trump Reacts to "Debanking"

The decision was also noted by statements made during the first digital asset summit organized by former US President Donald Trump. In his speech at the summit, Trump, referring to the Biden administration, said, "The government has completely excluded the crypto industry by forcing the banks. It has paralyzed the industry by preventing banks from opening accounts with crypto companies," he said. In addition, Trump argued that "Operation Choke Point 2.0", which has recently caused controversy and resulted in the closure of crypto companies' bank accounts, should be ended.

U.S. Senate Banking Committee Chairman Tim Scott also supported the OCC's decision, calling for "Let's make the U.S. the center of the cryptocurrency world with the removal of harmful policies during the Biden era."

These developments pave the way for banks in the US to expand their activities in the crypto sector, while the integration of actors in the crypto sector with the financial system is expected to become stronger.