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For years, cryptocurrency sat on the sidelines of traditional finance. The rules weren’t clear, so most banks stayed away. But a wave of new regulations is changing that, and digital assets may soon be as accessible as your checking account, pushing crypto further into the mainstream.
First, some background. Banks don’t move into new markets without a rulebook. This year, three major changes gave the guidance banks needed:
FDIC: In April, the Federal Deposit Insurance Corporation said banks no longer need special approval to offer crypto services — as long as they follow existing safeguards for fraud, cybersecurity, and consumer protection. FDIC deposit insurance does not cover crypto assets, however.
OCC: In May, the Office of the Comptroller of the Currency said banks can now hold digital assets for clients (like they already do with cash or stocks) and use blockchain networks for payments.
Congress: In July, the GENIUS Act created the first federal framework for stablecoins — digital tokens backed by cash or Treasuries and designed to maintain a 1:1 value with the U.S. dollar. Banks can now issue their own stablecoins, provided they meet strict reserve and reporting rules.
What This Means for You
As far back as 2021, Visa found that half of crypto-aware consumers wanted access through their bank. With new rules in place, that’s becoming a reality. Here are the major changes coming:
• You may soon be able to buy, hold, and transfer crypto directly through your bank account — no need for a separate app.
• You may now be able to hold digital assets with a bank you trust.
• Stablecoins, backed by reserves, could enable faster, cheaper payments around the world with less currency volatility.
An important reminder: Crypto comes with risk. Prices can be unpredictable, and regulation doesn’t eliminate that volatility.
So what? Crypto and traditional banking are finally converging. With regulators providing clarity, banks have the green light to meet consumer demand. For you, that could mean easier, safer access to digital assets — this time under the umbrella of a regulated institution.
Related Reading
U.S. Regulator Clears Path for Banks to Engage in Some Crypto Activities (Reuters)
What Is a Stablecoin and What Could It Mean for Your Finances? (ABC)
Mainstreaming of Blockchain: Digital Innovations Reshaping Finance (Forbes)
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