TWO OF TOP 10 USA BANKS SHOW INTEREST IN PROVIDING BITCOIN STORAGE SERVICES

Posted 12 August, 2020

USA Bancorp and PNC Financial Services Group, ranked fifth and seventh in terms of assets in the United States, were among the financial institutions that have responded to the authorities' permission for banks to store 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) as part of the USa Treasury to provide explanations: how cryptocurrencies and other fintech instruments can find application in the financial sector.

 

Dominique Venturo, director of digital assets at US Bancorp, noted that the OCC and other banking regulators should issue directives regarding the cryptocurrency and DLT services market.

 

“USA 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, ”he said.

 

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 risk-based supervision system will almost inevitably hinder responsible innovation and the introduction of new technologies by national banks,” he explained.

 

In addition to US Bancorp and PNC Financial Services Group, Visa, Mastercard, Coinbase, Digital Currency Group, ConsenSys, BitGo Holdings, Silvergate Bank, Grayscale Investments and Algorand also sent their comments to OCC, among others.

 

Recall that the British banking corporation Standard Chartered announced plans to launch a cryptocurrency storage solution for institutional investors.

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