Big moves in crypto banking! Cincinnati-based Fifth Third Bank is stepping deeper into the crypto world, as U.S. regulations around digital currencies become more clear.
🗣️ Ben Hoffman, Chief Strategy Officer at Fifth Third, says the bank is looking to grow its crypto services. Right now, they already serve a small group of clients using crypto for things like payroll and payments.
Now, they're planning even more — including:
💱 Using stablecoins to make international payments cheaper and faster
🔗 Letting customers trade crypto and use digital currencies for purchases via the bank’s large payment network
🧠 Building a team focused on crypto research and development
Trump’s Pro-Crypto Policies Spark Bank Interest
Fifth Third started working with crypto firms about five years ago, but held off on going big until laws and rules were clearer.
Things slowed down after the 2022 FTX crash and the fall of crypto-friendly bank Silvergate, which shook trust in the industry.
But now, Hoffman says it’s the perfect time to move forward, with full support from all areas of the bank — including compliance, treasury, and liquidity teams. He called it a “whole bank effort.”
🏛️ Big Regulatory Changes Help Banks Embrace Crypto
Rodney Hood, acting head of the Office of the Comptroller of the Currency (OCC), recently announced a major shift in crypto policy. Banks can now:
Use blockchain for payments
Hold crypto assets
Work with stablecoins
— without needing special approval like before.
The U.S. government, especially under Donald Trump, has been pushing more crypto-friendly policies. Trump has placed pro-crypto leaders in key roles and has even launched his own crypto ventures.
Now, top U.S. banks are preparing to expand into digital assets under these looser regulations.
🧾 Fed, OCC, and FDIC Remove Crypto Warnings
On April 24, U.S. banking regulators took a big step by removing old rules that warned banks to be cautious about crypto.
This included:
Two letters requiring banks to get permission before working with crypto
Warnings about risks like volatility, legal issues, and liquidity
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