The bank halted the 2021 rollout after the SEC’s since-rescinded guidance required custodians to hold additional capital on balance sheets.
U.S. Bancorp (USB) announced on Wednesday that it has resumed offering cryptocurrency custody services, launching an early access program for its Global Fund Services clients.
The service, first unveiled in 2021, is designed for institutional investment managers with registered or private funds that seek the secure safekeeping of Bitcoin (BTC). NYDIG, a bitcoin-focused financial services and infrastructure firm, will serve as sub-custodian. However, the program was paused after the Securities and Exchange Commission (SEC) issued guidance requiring custodians to maintain capital on their balance sheets for such activities. The rule was rescinded shortly after President Donald Trump began his second term in office, earlier this year.
“We’re excited to resume the service this year,” said Stephen Philipson, vice chair of U.S. Bank Wealth, Corporate, Commercial, and Institutional Banking. “Following greater regulatory clarity, we’ve expanded our offering to include bitcoin ETFs, which allows us to provide full-service solutions for managers seeking custody and administration services.”
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