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Two Top 10 US Banks Show Interest in Providing Bitcoin Storage Services

The fifth and seventh banks largest assets  in the United States U.S. Bancorp and PNC Financial Services Group were among the financial institutions that have reacted to the authorities' permission for banks to hold cryptographic keys from cryptocurrency wallets.

Representatives of the organizations were among those who responded to the proposal of the Office of the Comptroller of the Circulation (OCC) in the US Treasury Department to explain how cryptocurrencies and other fintech tools can find application in the financial sector.

Director of Digital Assets in the U.S. Bancorp Dominique Venturo noted that the OCC and other banking regulators should issue directives regarding the cryptocurrency and DLT services market.

"U.S. Bancorp has no position on the role that cryptocurrency should play in the financial services sector. But the bank is interested in regulatory clarity to serve the cryptocurrency market."

Venturo suggested to OCC to differentiate between utility tokens, stablecoins and exchange tokens. He also called for clarification of the requirements for the provision of custody services and cross-border restrictions.

Stephen Van Wyck, head of technology and innovation at PNC Bank, noted in his comment that OCC should "strengthen the use of a risk-based approach by national banks" when considering new products, but should not pursue the goal of eliminating risks at all.

"A supervisory system focused only on risk prevention will almost inevitably hinder responsible innovation and the introduction of new technologies by national banks."

Besides the U.S. Bancorp and PNC Financial Services Group also sent their comments to OCC, among others, by Visa, Mastercard, Coinbase, Digital Currency Group, ConsenSys, BitGo Holdings, Silvergate Bank, Grayscale Investments and Algorand.

 

 

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