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US Bancorp restarts cryptocurrency custody services after regulatory changes under Trump
US Bancorp has returned to the cryptocurrency space by restarting digital asset custody services for institutional investors, after the Trump administration repealed SEC regulations that previously required banks to hold capital for cryptocurrency-related activities.
Stephen Philipson, Director of Institutional, stated that the bank will expand services based on demand and research the integration of digital assets into asset management and payments. Initially, US Bancorp will provide Bitcoin custody for investment funds and ETF issuers, and may later expand to other cryptocurrencies that meet risk standards and compliance.
US Bancorp, the fifth largest commercial bank in the US, launched this service in 2021 but had to pause it according to SEC guidelines. Along with BNY Mellon, Deutsche Bank, and Citigroup, US Bancorp reflects the growing trend of traditional banks entering the cryptocurrency custody market.