Here’s the latest from the intersection of banking and Bitcoin over the past two weeks:
🤝 PNC Partners with Coinbase to Enable Bitcoin Trading
On July 22, PNC Bank launched a partnership with Coinbase that lets PNC customers buy, hold, and sell Bitcoin directly within their banking app. Coinbase provides custody and execution via its Crypto‑as‑a‑Service platform while PNC offers traditional banking services in return.
💳 JPMorgan Mulls Loans Collateralized by Bitcoin
JPMorgan Chase is exploring a pilot to extend loans backed by clients’ Bitcoin holdings, possibly launching as soon as 2026. The bank plans to rely on third‑party custodians. While CEO Jamie Dimon has been a longtime Bitcoin critic, the initiative marks a symbolic and practical pivot for the institution.
🏛️ Banks Repeal “Bitcoin Broker” IRS Reporting Rule
Congress has rescinded the much‑criticized TD 10021 rule via the Congressional Review Act. This rule would have required non‑custodial wallet providers and DeFi services to report users’ transaction data to the IRS. With its repeal, these platforms no longer face burdensome reporting demands; a clear win for Bitcoin-native innovators.
🏦 New OCC Leadership Signals Shift
Jonathan V. Gould was confirmed via Senate vote on July 10 and officially assumed the role of Comptroller of the Currency on July 15. A former OCC legal counsel and Bitfury executive, Gould has signaled support for expanding Bitcoin services within regulated banks and addressing instances where customers are “de‑banked” due to lawful Bitcoin activity.
📜 Senate Issues Bitcoin & Stablecoin Market Structure Bill Draft
On July 22, the Senate Banking Committee released a draft of the Responsible Financial Innovation Act, expanding on the House-passed CLARITY Act. The language: defines “ancillary assets,” clarifies SEC authority, offers provisional registration provisions, and outlines conditions for bank holding companies dealing in Bitcoin. Feedback is due by August 5, aiming for final passage by September.
📌 Wrap‑up
In just two weeks, the U.S. banking sector has seen landmark developments: taxpayer rules blocking Bitcoin data collection have been overturned, bank regulators are opening Bitcoin service pathways, regional banks are embedding Bitcoin into customer offerings, and major banks are seriously mulling Bitcoin-collateral lending. As Bitcoin hits record levels and institutional demand grows, banking and Bitcoin are moving from alignment toward full integration.
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