THELOGICALINDIAN - On Wednesday the Bitcoin and crypto bazaar was advised with absolute account from US regulators The Office of the Comptroller of the Currency OCC wrote on July 22nd that American banks are accustomed to authority cryptographic keys Thats to say US banking institutions can be a babysitter to ones cryptocurrency
This letter from the regulator was anon apparent as one of the better Bitcoin-related account in months and years. Here’s added on why this account is so absolute for the industry.
The Importance of U.S. Banks Holding Bitcoin and Crypto
Preston Byrne, a accomplice of Anderson Kill accumulated technology group, bluntly said in acknowledgment to the account that he’s “never been added bullish on crypto than today.”
The analyst argued that in a apple area banks are atrocious for yield, cryptocurrency banking casework offered by Wall Street could addition adoption:
“Crypto lending and extenuative may be how the acquittal of absorption becomes a affair again. Banks are atrocious for yield. The faster they move the added bazaar allotment they’ll obtain. Will be absorbing to see who moves aboriginal and how bound they go about it. But really. Getting out of cyberbanking law and into crypto law in 2024 was the best career move I anytime made. So abundant advance yet to come.”
Su Zhu, the arch controlling of Three Arrows Capital, explained his affect on the account with added nuance, writing:
“US banks actuality able to action aegis is crazily bullish bc it agency the guys like signature/silvergate could onboard authorization deposits -> catechumen to stablecoin ->get crop in DeFi Incumbents will see this advance and again join.”
The arresting cryptocurrency broker is referencing how Wall Street will see the profits actuality fabricated by crypto-native banks like Silvergate, again blitz into the amplitude to abduction that yield.
Against the Ethos of Crypto
As aforementioned, abounding accept accepted this account as a absolute agitator for the market. But there accept been reminders aggregate that banks captivation agenda assets is a abstraction technically adjoin Bitcoin’s ethos.
Wayne Vaughan, the arch controlling of Teirion, joked: “‘I can’t delay to drop my Bitcoin in a US bank’, said no one ever.”
“I can’t delay to drop my Bitcoin in a US bank”, said no one ever. https://t.co/wWczaX71um
— Wayne Vaughan (@WayneVaughan) July 22, 2020
Stephen Palley, a accomplice at Anderson Kill and a accepted crypto commentator, said that “While the OCC letter is interesting, I anticipation the accomplished point was to be your own bank.”
