BitGo has officially upgraded from a cryptocurrency custody company to "a member of the U.S. national banking system". This is not a partnership, nor a pilot program, but rather - obtaining a national banking license.

What is @USOCC? How important is the approval?

USOCC (Office of the Comptroller of the Currency) is one of the highest regulatory bodies overseeing national banks. Being approved by it means what? It means that BitGo is no longer just subject to state-level or gray regulations, but has directly entered the federal banking system. This step is akin to upgrading from being an institution in the crypto space to the same financial institutions as JPMorgan Chase, Citibank, etc.

Among them, there is a unit called the "Federal Chartered National Trust Bank". This name is long, but the key points are three:

1. National level, not local level, unified federal regulation, eliminating the need for compliance in each state, enabling service to national and even global institutional clients.

2. Trust bank ≠ ordinary commercial bank. Its core functions are threefold: asset custody, clearing and settlement, and institutional-level fund safety management. This is precisely the infrastructure that institutions lack the most when engaging with digital assets.

3. Capital, audit, and compliance thresholds are fully maximized, with higher capital adequacy ratios, stricter audits, and tougher risk control and compliance processes.

Furthermore, why is this matter important for the entire cryptocurrency industry?

This is not just a matter for BitGo alone. The logic is very crucial; in the past, institutions were hesitant to heavily invest in the crypto space due to one reason: "Where to put the money? Who is responsible if something goes wrong?" Now the answer has emerged: put it in a "federally regulated national bank".

This is the ultimate dream for all cryptocurrency institutions and a true reassurance for all retail investors! #美联储降息 #加密市场反弹