According to TechFlow, on December 9, Decrypt reported that Jonathan Gould, head of the US Office of the Comptroller of the Currency (OCC), stated at the Blockchain Association Policy Summit on Monday that stopping banks from offering cryptocurrency custody services is a “recipe for irrelevance.” He refuted banking industry groups’ opposition to crypto companies applying for national trust bank charters, emphasizing that national trust banks have been engaged in non-fiduciary custody activities since the 1970s and currently manage nearly $2 trillion in non-fiduciary custody assets, accounting for 25% of their total assets. Gould pointed out that trust companies in New York and South Dakota already provide digital asset custody services and pledged that the OCC will support the banking system’s evolution from “telegraph to blockchain.” Currently, several crypto companies such as Coinbase, Circle, and Ripple have applied for national trust charters, while Erebor Bank received conditional approval from the OCC last month.
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