US President Donald Trump and his administration’s lukewarm approach to Bitcoin and cryptocurrencies is attracting more corporate investors.
At this point, US Bancorp, which had to stop BTC services during the former SEC administration, which put pressure and sanctions on the cryptocurrency industry, announced that it would restart its crypto services.
US Bancorp, one of the five largest commercial banks in the United States, announced that it has relaunched Bitcoin custody services for institutional asset managers, according to Reuters.
US Bancorp’s move was influenced by Trump’s removal of SAB 121, which prevented financial institutions from offering these services, which was passed during the Biden era.
The bank had previously planned to offer custody services in 2022 through a partnership with Bitcoin financial services firm NYDIG.
However, it halted this initiative after the previous SEC administration announced stricter regulations for crypto custody services.
As of 2022, US Bancorp will operate Bitcoin custody through a partnership with crypto firm NYDIG as a sub-custodian. NYDIG will handle physical custody of the underlying asset.
“With increased regulatory clarity, we have added Bitcoin ETFs to our product portfolio, allowing us to offer full-service solutions to managers seeking custody and management services,” said Stephen Philipson, head of commercial and corporate banking at US Bank.
US Bank recently stated that they are considering adding other cryptocurrencies besides Bitcoin to their custody services if they meet the bank’s internal standards.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/one-of-the-five-largest-commercial-banks-in-the-us-returns-to-bitcoin-the-old-sec-blocked-it/
