Partner Jeffrey Alberts, co-chair Pryor Cashman's Financial Institutions Group, discussed new guidance from the Office of the Comptroller of the Currency with The Wall Street Journal. The guidance, delivered in a letter from the U.S. Treasury Department, outlined new permissible avenues for financial institutions to do business with digital currencies. According to The Wall Street Journal:
Monday's guidance letter comes as banks become increasingly interested in tapping into stablecoin markets, as the use of stablecoins has boomed over the last two years, according to Jeffrey Alberts, a partner at law firm Pryor Cashman LLP in New York. Cryptocurrency companies, on the other hand, are also interested in having sophisticated banks as partners to take advantage of the banks' well-developed compliance programs.
It can be challenging for cryptocurrency companies to build compliance programs from scratch, he said. "This is an exciting opportunity for banks to move into an area that is becoming increasingly profitable and do cutting-edge work," said Mr. Alberts, who co-chairs his firm's financial institutions group.
"It would also free up cryptocurrency companies" to focus on what they're good at, he said.
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