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US Banks May Seek to Partner With or Buy Crypto Custodians, OCC's Brooks Says
The OCC's July ruling that allowed banks to provide custody spurred the newfound interest, Brooks said.
Автор Kevin Reynolds
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U.S. banks are looking at ways to handle crypto adoption in the wake of the Office of the Comptroller of the Currency’s (OCC) July decision to allow banks to provide custody for cryptocurrencies, Acting Comptroller Brian Brooks said in a podcast. That may mean partnering with or purchasing custodians, he said.
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- Speaking on Laura Shin's "Unchained" podcast earlier this week, Brooks said "Well, what I have heard ... a number of big crypto custodians – Anchorage, Coinbase and a number of others – have been contacted by banks about whether they’d be willing to be like the third-party custody providers for national banks whose customers want to invest in bitcoin.”
- Brooks speculated that due to the complexity of being a custodian, banks will seek to partner with or outright buy custodians to handle the cryptocurrencies invested with them.
- "What they’ll want to do is either buy crypto custodians, or partner with crypto custodians to provide those services on their behalf and now they can legally do that,” Brooks said.
- Brooks also said the move by banks to offer crypto will increase the comfort level of retail investors with the asset and lead to further gains, saying, "I think the demand increase is going to be noticeable.”
Read also: PayPal Said to Be in Talks to Buy Crypto Firms Including BitGo: Bloomberg
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BlackRock's digital assets head: Leverage-driven volatility threatens bitcoin’s narrative
Rampant speculation on crypto derivatives platforms is fueling volatility and risking bitcoin’s image as a stable hedge, says BlackRock’s digital assets chief.
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- BlackRock digital-assets chief Robert Mitchnick warned that heavy use of leverage in bitcoin derivatives is undermining the cryptocurrency’s appeal as a stable institutional portfolio hedge.
- Mitchnick said bitcoin’s fundamentals as a scarce, decentralized monetary asset remain strong, but its trading increasingly resembles a "levered NASDAQ," raising the bar for conservative investors to adopt it.
- He argued that exchange-traded funds like BlackRock’s iShares Bitcoin ETF are not the main source of volatility, pointing instead to perpetual futures platforms.
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