US banks allowed to hold Ethereum as a primary asset

The US Office of the Comptroller of the Currency (OCC) has allowed US banks to hold Ethereum as a primary asset. The new guidance shows that the government is ready to support the use of digital assets in the banking sector.

OCC Senior Deputy Comptroller and Chief Counsel Adam Cohen said:

“National banks may hold crypto-assets as principal to pay network fees, provided the activity is incidental to the business of banking and conducted in a safe and sound manner.”

The permission to store Ethereum is part of a plan to integrate digital assets into traditional financial services. The OCC, the US Department of the Treasury, and other key financial agencies participated in developing the solution. Janet Yellen noted that the government seeks to support innovation and ensure the safety of banking operations.

Banks can now include Ethereum in their services and manage it as a full-fledged asset. This changes the approach of financial institutions to cryptocurrencies and expands their participation in the market.

Such integration may also be beneficial for Ethereum itself. Banks will be able to earn income from transaction service fees and custodial services. This decision also reflects the general trend towards establishing clear rules for cryptocurrencies and broadens the discussion about the future of digital assets in the banking sector.

Since 2020, the US government’s approach to cryptocurrency regulation has gradually changed, becoming more focused on supporting digital assets. The new decision fits into this strategy and continues the line of previous clarifications.

Experts believe that the participation of large financial institutions in working with Ethereum will grow. This will lead to the development of storage and settlement technologies and strengthen Ethereum’s position in the traditional financial system.

In March, the OCC announced that private financial institutions under federal supervision are allowed to conduct a wide range of cryptocurrency transactions without prior approval.