BitGo Welcomes OCC’s Embrace of Digital Assets, Permitting Banks to Custody and Provide Banking Services to their Crypto-Oriented Customers
BitGo, the leader in digital asset financial services, published a public letter to the Office of the Comptroller of the Currency (OCC), a branch of the Treasury that supervises national banks and thrift institutions.
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BitGo issues public letter to OCC’s request for comment. Letter addresses best practices to banks for securing digital assets.
BitGo issued the letter in response to the OCC’s recent call for input on how best to accommodate new technology and innovation in the business of banking and its support that a national bank may provide “cryptocurrency custody services on behalf of customers, including by holding the unique cryptographic keys associated with cryptocurrency.”
In the letter, BitGo outlines best practices for the complex and highly-specialized endeavor to custody cryptocurrencies and other digital assets.
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Excerpt from BitGo’s Open Letter to OCC:
On June 4, 2020 the Office of the Comptroller of the Currency (“OCC”) issued an Advance Notice of Proposed Rulemaking (“ANPR”) seeking input on how best to accommodate new technology and innovation in the business of banking. Additionally, the OCC recently released a statement reaffirming the OCC’s position that “a national bank may provide these cryptocurrency custody services on behalf of customers, including by holding the unique cryptographic keys associated with cryptocurrency.” We are greatly excited by these developments, which we view as a watershed moment for both the U.S. financial system and the blockchain industry. BitGo Holdings, Inc. (together with its respective subsidiaries, are collectively referred to herein as “BitGo”) has been a leader at the forefront of the fusion of these two worlds, which has afforded us with a unique perspective. We believe this is our moment to exercise our voice and answer the call to share our experience with the OCC.
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