Congress stalled on crypto. The OCC has mapped a way forward
Davis Polk partner and Financial Institutions practice co-head David Portilla and counsel Justin Levine co-authored “Congress stalled on crypto. The OCC has mapped a way forward” in Bloomberg Law. In the article, David and Justin discuss alternatives for businesses looking to provide digital asset services after Congress failed to pass the CLARITY Act and posit that the OCC has built a path forward with national trust banks.
They explain, “The OCC began laying the legal groundwork for national banks to hold and trade digital assets for customers in 2020. A series of legal actions has built on that early work, producing a legal foundation ready for use at scale.”
Throughout the piece, David and Justin discuss existing laws, the GENIUS Act, advantages for national trust bank charters, and potential alternatives.