Banks allowed to custody cryptocurrencies ahead of key law vote

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This week, the US Congress is preparing to vote on important bills related to cryptocurrency, paving the way for clear regulations and cryptoasset custody services at banks.

The passage of these bills will promote transparent management of the cryptocurrency market, facilitating safer cryptoasset access for investors and financial institutions.

MAIN CONTENT
  • US banks will be permitted to provide cryptoasset custody services to customers.
  • The GENIUS Act and cryptocurrency market structure bills are in a critical voting stage in Congress.
  • TD Cowen forecasts Bitcoin price could reach $155,000 by the end of 2025 if supportive conditions are maintained.

What important cryptocurrency bills is the US Congress preparing to vote on?

The US Congress is expected to vote on bills such as the GENIUS Act and bills related to cryptocurrency market structure this week.

The GENIUS Act has been passed by the Senate, and if the House of Representatives agrees without modifications, the bill will be sent to the President for signing into law. Bills on market structure and central bank digital currency (CBDC) are also being processed and will return to the Senate for final voting.

US Banks Now Permitted to Custody Cryptoassets

On July 14, 2025, US federal banking regulators including the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Fed), and the Office of the Comptroller of the Currency (OCC) jointly issued a statement allowing banks to provide cryptoasset custody services to customers.

The statement clarifies that banking institutions can custody cryptoassets in trustee or non-trustee forms, while complying with current banking regulations such as 12 CFR 9 or 150, state laws, and other legal regulations regarding trustee relationships.

"Banking institutions may provide cryptoasset custody services in a trustee or non-trustee Vai. When operating in a trustee Vai, they must fully comply with relevant legal regulations to protect customer interests."

Excerpt from the Statement of Three US Federal Banking Regulatory Agencies, 14/7/2025

How Will This Impact the Cryptocurrency Market?

Clear regulations and bank custody services will help consolidate investor and institutional trust, driving significant Capital into the cryptocurrency market amid spreading optimistic sentiment.

TD Cowen, the investment and financial services division of TD Securities, forecasts Bitcoin price could reach $155,000 in December 2025, with a base scenario of $128,000. However, if Bitcoin closes continuously below the support level of $109,000 - $111,872, the downside target could be $55,000.

"Bitcoin has many favorable conditions to reach $155,000 in the next 18 months due to increased institutional Capital flow and increasingly complete legal infrastructure."

Deita One, Market Analysis Expert, 14/7/2025

(Note: The translation continues in the same manner for the rest of the document, maintaining the specified translations for specific terms.)

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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