U.S. Regulator Expands Crypto Awareness – Integration Of Digital Assets Into The US Financial System
It’s been recently revealed that bullish news surfaced.
In a new letter, the Office of the Comptroller of the Currency (OCC) said that banks “may offer different methods of providing cryptocurrency custody services, depending on their expertise, risk appetite, and business models”.
Incredibly bullish news.
Also defeats the entire purpose of holding Bitcoin. https://t.co/da5TrN8DYN
— The Wolf Of All Streets (@scottmelker) July 23, 2020
Integrating crypto into the US financial system
It’s been just reported that Congressman Darren Soto (D-Fla.) told CoinDesk that this is an important step for integrating crypto into the financial system.
“We support further integration of cryptocurrency into the financial system, including allowing the major financial institutions to hold this currency. It’ll lead to further legitimization of crypto,” he said.
It’s been also revealed that the conversation about crypto will not be limited to Capitol Hill only. We’ll see an expansion in the upcoming fall.
It’s not expected to see too many moves coming from banks in the next three months, but then we might be seeing more action.
Another important issue to mention is that the upcoming presidential election is an important event that will determine there the Comptroller will reverse the crypto-related decision or not.
We suggest that you check out Coindesk’s original article to learn more about the debate on this matter.
Bitcoin has been consolidating above $9k for a few months now, and interest in the king coin has been also on the rise.
The move made by the regulator can definitely bring the mass adoption of digital assets closer. This has been one of the main goals that the crypto industry set.
Bitcoin could be about to retest the important level of $10k once again.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.