US Bancorp reboots crypto custody after Trump-era rule change

US Bancorp resumed digital asset custody services for institutional clients following the SEC rule rollback under the Trump administration.

US Bancorp has reentered the crypto space by relaunching its digital asset custody services aimed at institutional investment managers.

US Bancorp’s reentry follows a regulatory shift under President Donald Trump’s current administration, which rolled back a previous SEC rule that had forced banks to hold capital on their balance sheet for crypto-related activities, according to a Wednesday report by Bloomberg.

“We had the playbook and it’s sort of opening it up and executing it again,” said Stephen Philipson, head of US Bank’s institutional division. He noted that the bank plans to scale the service as demand grows and is also exploring how digital assets might fit into other areas like wealth management and consumer payments.

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