Pub. 11 2022 Issue 1 7 Email Rob Nichols at nichols@aba.com. More clarity is needed from the banking agencies about how banks can offer these services in a safe and sound manner. Without this clarity, the unlevel playing field between banks and the rapidly growing cadre of firms seeking to operate as banks while evading the full scope of bank regulations will continue. There have been some positive developments, with the OCC issuing an interpretive letter clarifying its approach for approving crypto-related activities for national banks. Additionally, a report by the President’s Working Group on Financial Markets highlighted the risks of stablecoins, recommending they be issued by insured depository institutions subject to consolidated supervision. Any providers of custodial wallets should also be subject to appropriate federal oversight. For our part, ABA is taking a deep dive into what we can do to support banks’ participation in crypto and other digital assets through both our advocacy and technology partnerships. Additionally, in December, we invested in NYDIG, a leading provider of bitcoin services for banks. This investment will support banks’ ability to meet customer demand in this rapidly evolving market so that as we unlock this “new frontier” of cryptocurrencies and digital assets, consumers can continue to place their trust in America’s banks to meet their financial needs. We understand that expanding into cryptocurrency products and solutions won’t be for every bank, and that’s okay. We firmly stand with banks in their right to decide what products they will offer according to their own judgment and market strategy. However, even with mixed opinions on the value of cryptocurrency as an asset class or as a basis for a product set, ABA strongly believes banks should have access to the tools, partners and regulatory frameworks that allow them to meet their customers’ needs. A recent Morning Consult poll highlighted that banks are the most trusted among all financial services providers. Given that, it’s no surprise that consumers want to receive cryptocurrency services from their bank. But don’t just take my word for it: a survey from NYDIG, a bitcoin services firm, confirmed that a whopping 81% of bitcoin holders would shift their bitcoin to a bank if it offered secure bitcoin storage. Undoubtedly, this “new frontier” of cryptocurrency represents a huge opportunity for banks.
RkJQdWJsaXNoZXIy MTIyNDg2OA==