Here’s the latest from the intersection of banking and Bitcoin over the past month:
⚖️ White House Draft EO Targets “De-Banking,” Including Bitcoin Firms
On Aug. 5, the Wall Street Journal reported the White House is preparing an executive order aimed at punishing banks that “discriminate” against certain customers, explicitly including Bitcoin businesses, though details weren’t final at reporting time. If issued, it could curtail blanket de-risking of lawful Bitcoin activity. The Wall Street Journal
🏦 Citigroup Explores Stablecoin Custody & Bitcoin Related Services
On Aug. 14, Citi said it’s exploring providing stablecoin custody and payment services, and looking at other Bitcoin-adjacent offerings, citing a friendlier policy backdrop. While not Bitcoin-specific, the build-out of bank custody and payments infrastructure is a direct on-ramp for institutional Bitcoin access. Reuters
🏦 Fed Scraps Dedicated Bitcoin Oversight Program for Banks
On Aug. 15, the Federal Reserve said it will shut down a two-year-old program created to specially supervise banks’ Bitcoin, crypto, and fintech activities, folding those responsibilities back into routine oversight. The shift lowers a layer of bespoke scrutiny that had applied to bank-bitcoin ties. Reuters
📜 Banks Push to Rework Capital Rules for Holding Bitcoin
On Aug. 19, a coalition of finance industry groups urged changes to looming global (Basel) standards that would make it costly for banks to hold Bitcoin on balance sheets. Any softening could meaningfully affect how U.S. banks treat Bitcoin exposure and related services. Bloomberg.com
🏛️ OCC Lifts Enforcement Order on Anchorage Digital (U.S.-Chartered Crypto Bank)
On Aug. 21, the OCC terminated its 2022 AML consent order against Anchorage Digital Bank, the first federally chartered crypto bank, after determining the order no longer needed to remain in effect. The move removes a key regulatory overhang on a primary U.S. institutional Bitcoin custodian. CoinDesk
📌 Wrap-up
In the last month, U.S. banking and Bitcoin meaningfully converged: the OCC cleared a key crypto bank (Anchorage), the Fed streamlined supervision back to the normal track, Citi signaled custody ambitions, and banks amped up lobbying on capital treatment. The policy and plumbing are lining up for broader bank-led Bitcoin services at scale.
Hit subscribe for monthly snapshots of what’s changing at the intersection of banking and Bitcoin.
Looking to integrate Bitcoin into your financial institution? Learn how at galoy.io
