BitGo gets OCC nod to become national crypto trust bank

The UK Treasury has announced plans to implement regulations for Bitcoin and other cryptocurrencies by 2027, aiming to enhance consumer protection, increase market transparency, and combat financial crimes. This initiative reflects a growing recognition of the need for regulatory frameworks in the rapidly evolving crypto landscape.

Juventus owner Exor has rejected a $1 billion acquisition offer from Tether, the issuer of the USDT stablecoin, indicating a decision to maintain control over the football club. This rejection comes despite Tether's significant financial backing and interest in expanding its influence in the sports sector.

The U.S. Securities and Exchange Commission (SEC) has released new guidance on crypto asset custody aimed at enhancing protection for retail investors. This guidance is expected to influence the development of crypto custody practices, potentially leading to increased market stability.

Pyth Network has launched the PYTH reserve initiative, aimed at sustaining network value through strategic token purchases. This initiative is expected to enhance network stability and bolster investor confidence by aligning token value with increased adoption and revenue generation.

Brazil’s largest private bank has recommended that investors allocate up to 3% of their portfolios to Bitcoin, reflecting a growing acceptance of digital assets in traditional finance. This recommendation aligns with similar advice from other major financial institutions, indicating a shift towards mainstream integration of cryptocurrencies.

Circle, Ripple, Bitgo, Fidelity, and Paxos have received conditional approvals from the U.S. Office of the Comptroller of the Currency (OCC) to operate as national trust banks. This regulatory milestone allows these cryptocurrency firms to expand their services under federal oversight, marking a significant step in the integration of digital assets into traditional banking frameworks.