US Banks Embrace Crypto: A New Course in the Financial World!

US Banks Embrace Crypto: A New Course in the Financial World!

The increasing rapprochement of US banks with the crypto industry is a significant sign of the changing conditions in the financial sector. The upcoming US presidential election has already led to a change in crypto policy. As a result of new guidelines, banks will be allowed to offer crypto services without having to obtain prior approval as long as appropriate risk management is implemented, the FDIC reports.

The OCC has also signaled that it is open to digital assets, particularly in the area of ​​cryptocurrency custody. These developments are supported by the Securities and Exchange Commission (SEC), which repealed accounting rule SAB 121 on January 23, 2025. This regulation had required banks to report crypto assets as liabilities, which now makes the custody of digital assets easier.

Strategies to promote innovation

President Trump's Executive Order 14178 rejects a government-owned digital currency (CBDC) and instead encourages private innovation in the crypto space. Part of this strategy is the introduction of a strategic Bitcoin reserve consisting of confiscated crypto assets. Paul S. Atkins, the new chairman of the SEC, has emphasized his friendliness to innovation and the security of the US financial center. This is increasing demand for regulated crypto products, especially from institutional investors.

Currently, only 19% of financial institutions surveyed offer crypto services, indicating significant growth potential. Banks such as JPMorgan, BNY Mellon and Bank of America are working on stablecoin initiatives and asset tokenization. The US Congress is also planning the CLARITY Act, which is intended to create a clear regulation of responsibilities between the SEC and CFTC. Furthermore, legal initiatives such as the GENIUS Act and the STABLE Act are developing legal frameworks for digital assets.

Regulation in a global context

In the international context, European and international regulators are monitoring developments in the crypto system, which has made remarkable progress since the creation of the first Bitcoin in 2009. Despite the rapid growth, the crypto system currently remains a small niche compared to the traditional financial system. Scandals such as the collapse of the FTX trading platform in autumn 2022 have clearly shown the risks within this system.

The concept behind Bitcoin, published by Satoshi Nakamoto in 2008, aimed to develop digital money without government control. Currently, Bitcoin and Ether together account for almost 70% of the cryptocurrency market capitalization. Regulation follows the principle of “regulate and contain” in order to minimize risks of contagion between the crypto and traditional financial systems. The regulation should offer both opportunities for innovation and take into account the economic nature of the business.

The EU is planning a harmonized legal framework for unregulated crypto assets with the Regulation on Markets in Crypto Assets (MiCAR), which will come into force from mid-2024. In Germany, BaFin, together with the Bundesbank, is responsible for supervising issuers of stablecoins and e-money tokens. The implementation of MiCAR requires national legal changes in Germany before the new regulations can come into force.