Earlier this week, the OCC, FDIC, and Federal Reserve, released a joint guidance statement clarifying how national banks and other financial institutions can permissibly hold crypto-assets on their customers' behalf (i.e., crypto-asset safekeeping services). Although labeled guidance, the wording is clearly pro-crypto. The statement introduces no new regulations or supervisory requirements, yet it sets expectations around key management, cybersecurity, risk oversight, and third-party custodianship.

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Headline: Crypto custody is now officially in play for regulated banks, provided they meet bank-grade standards.

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What you need to know:

• Custody is permitted: Crypto safekeeping falls within a bank’s fiduciary and custodial authority, so long as services are structured and supervised appropriately.
• Control is critical: Banks must prove they hold both legal and technical control over crypto-assets, especially the private keys, and must keep that control when using sub-custodians.
• Security-first approach: Everything hinges on secure key management, wallet architecture, and contingency planning. Hot wallets carry added scrutiny; cold storage and MPC-based solutions are more defensible.
• Third-party risk is real: Outsourcing custody does not outsource responsibility for compliance, asset segregation, and access control.
  
  

Institutional Impact

For U.S. banks, this might be the clearest green light yet. The door to offer compliant crypto services is now open, but so is the compliance risk. Crypto custody services  require deep operational readiness, institutional-grade tech, and a tight legal framework. Early movers that invest in the right infrastructure will gain an advantage in serving institutional demand for tokenized assets, stablecoins, and digital capital markets.

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Infrastructure’s Moment to Shine

For companies like Blockdaemon that power the backend for institutional crypto services, this is a significant moment. Banks now need battle-tested, auditable infrastructure for wallet orchestration, key management, staking, and validator support, without adding unnecessary custody or intermediation risk. 

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This model is exactly what Blockdaemon has pursued: enabling financial institutions to offer digital asset services with control, clarity, and compliance. As the regulatory bar rises, so does the demand for partners who understand both blockchain systems and banking-grade risk.

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What it All Means‍

This statement signals that crypto custody has moved from a fringe idea to real financial infrastructure. Regulators are welcoming bank participation in crypto-asset services. However, institutions that want to play will need partners who can meet the security, scalability, and accountability standards that regulators expect.

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