Source: Cointelegraph
Original: “Michael Saylor: U.S. Banks 'Can Start Supporting Bitcoin (BTC)'”
The U.S. Federal Reserve (Fed) has withdrawn its previous guidance discouraging banks from participating in cryptocurrency, which could significantly boost the adoption of Bitcoin (BTC) by U.S. financial institutions.
On April 24, the Fed retracted its regulatory letter issued in 2022, which aimed to prevent banks from engaging in activities related to cryptocurrencies and stablecoins. This decision has led to a noticeable improvement in investor sentiment towards Bitcoin.
The 2022 guidance initially warned that cryptocurrencies could pose risks to investors and the stability of the U.S. financial system.
Michael Saylor, co-founder of the world's largest corporate Bitcoin holder Strategy, stated in a post on the X platform on April 25 that the Fed's move means "banks can now start supporting Bitcoin."
Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, said that the Fed's decision "is a significant development as it will simplify the path for institutional adoption of cryptocurrencies."
In an interview with Cointelegraph, Plotnikova stated: "The withdrawal of this specific guidance ensures that crypto assets will be overseen through standard regulatory processes." She added:
"We still need to coordinate cryptocurrency activities of businesses and other market participants under Fed regulation through the GENIUS and STABLE Acts. The combination of these legislative efforts will be a major driver for institutional adoption."
On April 2, the Stablecoin Transparency and Accountability to Promote Better Ledger Economy Act (STABLE Act) passed the U.S. House Financial Services Committee with a vote of 32 in favor and 17 against. The bill aims to establish clear regulatory guidelines for U.S. dollar stablecoins.
On March 13, the full name of the GENIUS Act, which stands for the Guidance and Establishment of a National Stablecoin Innovation Act, passed the Senate Banking Committee with a vote of 18 in favor and 6 against.
Eneko Knörr, co-founder and CEO of yield-bearing stablecoin project Stabolut, stated that the Fed's decision could be an "important turning point" for U.S. institutions adopting Bitcoin.
"Until now, regulatory hostility in the U.S. has made it nearly impossible for traditional financial institutions to participate in this space," Knörr told Cointelegraph.
"With the recent shift in the Fed's guidance, the door has finally opened. This presents a huge opportunity for banks—an area that has previously been dominated by crypto-native companies like Coinbase," Knörr added.
Knörr also mentioned that banks may now act quickly to meet customer demands and reclaim market share previously held by crypto-native companies like Coinbase.
Despite rising investor demand and clearer regulations in Europe, the process of European financial institutions adopting Bitcoin remains lagging, with less than 20% of European banks offering cryptocurrency services.
Related: New Hampshire Bitcoin (BTC) Reserve Bill to be Submitted for Full Senate Vote
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