Gary DeWaal, special counsel and Financial Markets and Regulation chair, spoke with Bloomberg Law on how a recent announcement by the Office of the Comptroller Currency (OCC) could help the crypto industry "integrate into banking’s mainstream." This announcement authorized national banks and federal savings associations to offer custodial services involving virtual currencies, and to service qualified entities in virtual currency businesses. Gary noted that despite OCC's action, it is likely that state-regulated institutions will continue to predominate in providing virtual currency services for the time being, as only existing national banks can take advantage of OCC's new authority. OCC is still not able to grant special purpose trust licenses to virtual currency firms because of ongoing litigation. "The states are going to force you into their ballpark for the time being." ("Crypto Safekeeping Likely to Drive Bank-Fintech Partnerships," July 31, 2020)
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