TechFlow, Dec 9 — According to Decrypt, Jonathan Gould, head of the U.S. Office of the Comptroller of the Currency (OCC), said Monday at the Blockchain Association's Policy Summit that blocking banks from offering cryptocurrency custody services is a "recipe for irrelevance." He countered banking industry groups' opposition to crypto firms 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—about 25% of their total assets. Gould noted that trust companies in New York and South Dakota are already providing digital asset custody services and pledged that the OCC will support the evolution of the banking system "from telegraphs to blockchains." Currently, multiple crypto firms including Coinbase, Circle, and Ripple have applied for national trust charters, and Erebor Bank received conditional approval from the OCC last month.
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