The post U.S. Crypto Regulations This Week: Banks Given Green Light to Custody Crypto Ahead of Key Legislation Voting appeared first on Coinpedia Fintech News
The United States lawmakers are preparing for important votings on several crypto-related bills this week. Later this week, the House of Representatives will vote on the market structure bill in addition to the GENIUS Act.
If the House passes the GENIUS Act without any changes as approved by the Senate, the bill will be forwarded to President Donald Trump to be signed into law. The House will also vote on bills that address the crypto market structure and CBDC, which will then be returned to the Senate for the final vote.
Banks Can Now Custody Customers’ Crypto Assets
On Monday, the Federal bank regulatory agencies – the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency – issued a joint statement on crypto-asset safekeeping by banking organizations.
According to the joint statement, banks can now offer custody services to their customers for crypto assets such as Bitcoin. The agencies highlighted that banks must comply with existing banking regulations while dealing with customers’ crypto assets.
“Banking organizations may provide safekeeping for crypto-assets in a fiduciary or a non-fiduciary capacity. Banking organizations that provide crypto-asset safekeeping in a fiduciary capacity must comply with 12 CFR 9 or 150, as applicable, state laws and regulations, and any other applicable legal provisions, such as the instrument that created the fiduciary relationship,” the announcement noted.
Market Impact
The clear crypto legislations and regulations amid the ongoing bullish sentiment will play a crucial role in onboarding more investors. Already, the Bitcoin and wider crypto market have recorded significant bullish sentiment fueled by the notable proliferation of institutional investors.
According to TD Cowen, the investment banking and financial services arm of TD Securities, the Bitcoin price is well-positioned to reach $155,000 by December 2025 and a base case of $128k. However, the bank issued a downside target of about $55k, which could happen if BTC price consistently closes below the established support/resistance range between $109k and $111,872.