US Bancorp, one of the largest commercial banks in the United States, has announced the relaunch of Bitcoin custody services for institutional investors. This decision is driven by regulatory changes and the bank's internal strategies.
US Bancorp's Service Relaunch
US Bancorp is relaunching its Bitcoin custody services for institutional investors, as confirmed by news from Reuters. The bank had previously to halt these services due to strict regulatory measures from the SEC. Now, with policy changes, the bank aims to offer these services again.
Impact of New Regulations
US Bancorp's response to regulatory changes came after President Trump's administration abolished SAB 121, which restricted financial institutions from providing cryptocurrency custody services. This change has opened new horizons for banking services involving cryptocurrencies.
Future Service Expansion
Stephen Philipson, head of commercial and corporate banking at US Bancorp, stated that the bank is considering adding other cryptocurrencies to its custody services if they meet internal standards. This suggests that the bank is actively planning to expand its services, including offerings related to crypto fund products.
The relaunch of US Bancorp's Bitcoin custody services opens new opportunities for institutional investors and highlights the shifting approach to cryptocurrency regulation in the U.S.
