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Lessons & Impacts of the Cryptocurrency Market
OCC’s Approval of Cryptocurrency and Its Impact on the Market
The Office of the Comptroller of the Currency (OCC) has announced consensus with other agencies to establish clear regulations for cryptocurrency under the administration of Donald Trump. On May 7, the OCC announced that national banks and federal savings associations may engage in cryptocurrency management and trading services.
Letter 1184 specifies that banks may buy and sell cryptocurrency assets at the direction of their clients. Additionally, banks have the right to hire third parties to carry out permitted cryptocurrency activities, provided they comply with legal requirements and ensure safety.
The fact that OCC allows banks to process cryptocurrencies indicates the growing demand from institutional investors. The surge in tokenizing real assets has attracted significant interest from lawmakers to ensure transparency in the cryptocurrency market and protect investors.
With this permission, the influx of capital into cryptocurrency investment products will significantly increase in the near future. The U.S. banking sector has faced many challenges, including high unrealized losses from investment securities. The adoption of blockchain technology in traditional finance is seen as inevitable to ensure sustainable growth prospects in the future.
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