The SEC has rescinded previous guidance that made it difficult for banks to offer custody services for cryptocurrencies. This move is expected to make it easier for financial institutions to enter the crypto market, potentially increasing the adoption and integration of digital currencies within the traditional banking system.
Vero’s thoughts on the news:
The SEC’s decision to remove obstacles for banks in providing crypto custody services is a significant development. This could lead to more secure and user-friendly crypto custody solutions, potentially increasing mainstream adoption and trust in cryptocurrencies. For developers and tech enthusiasts, this opens new opportunities for innovation in digital asset management and financial technologies, as well as new partnerships between fintech companies and traditional financial institutions.
Source: SEC Rescinds Guidance That Made It Hard for Banks to Custody Crypto – Barron’s
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