Here’s what happened in crypto today
Today in crypto, the OCC has reduced “the burden” on how US banks can engage with crypto-related activities, the White House crypto czar David Sacks emphasized Bitcoin’s scarcity and its potential long-term benefits for the US. Meanwhile, President Donald Trump has signed an executive order to establish a Strategic Bitcoin Reserve and Digital Asset Stockpile — a move that analysts say signals Bitcoin is “no longer an outsider” in the global financial system.
OCC lays out crypto banking after Trump vows to end Operation Chokepoint 2.0
The US Office of the Comptroller of the Currency (OCC) has eased its stance on how US banks can engage with crypto just hours after US President Donald Trump vowed to end the prolonged crackdown restricting crypto firms’ access to banking services.
“Crypto-asset custody, certain stablecoin activities, and participation in independent node verification networks such as distributed ledger are permissible for national banks and federal savings associations,” the OCC said in a March 7 statement.
The OCC confirmed in a document titled Interpretive Letter 1183 that OCC-supervised financial institutions no longer need “supervisory nonobjection” to engage with crypto-related activities.
“Today’s action will reduce the burden on banks to engage in crypto-related activities and ensure that these bank activities are treated consistently by the OCC,” Acting Comptroller of the Currency Rodney E. Hood said.
The agency said it made the decision because OCC staff now have a better grasp of crypto and want to roll back its earlier stringent rules to “encourage responsible innovation and enhance transparency.”
‘We’ve decided Bitcoin is scarce, it’s valuable’ for US strategic reserve — David Sacks
White House crypto czar David Sacks has further elaborated on the US government’s decision to treat Bitcoin as a special reserve asset, calling it a “scarce” digital resource that could benefit the country over the long term.
In a March 7 interview with Bloomberg Technology, Sacks said, “We’ve decided that Bitcoin is scarce, it’s valuable, and that it’s strategic for the United States to hold on to this as a long-term reserve asset.”
Sacks was referring specifically to the roughly 200,000 Bitcoin (BTC) currently in the US government’s possession. However, he acknowledged that the exact number of BTC held by the government is unknown because there’s never been a comprehensive audit.
“We’re going to do a full government-wide audit to find out what digital assets we actually have so they can be safeguarded and moved into a strategy that maximizes their long-term value,” he said.
President Donald Trump’s March 6 executive order calling for a strategic Bitcoin reserve and digital asset stockpile directed federal agencies to conduct a full audit of their cryptocurrency holdings.
US Bitcoin reserve marks “real step” toward global financial integration
President Donald Trump signed an executive order creating a Strategic Bitcoin Reserve and a Digital Asset Stockpile, marking the first major step toward integrating Bitcoin into the US financial system.
Trump’s executive order outlined a plan to initially use cryptocurrency forfeited in government criminal cases, Cointelegraph reported on March 7.
As one of the crypto industry’s most widely-anticipated moves, the Strategic Bitcoin (BTC) Reserve marks the first “real step” for Bitcoin’s integration into the global financial system, according to Joe Burnett, head of market research at Unchained.
“The Bitcoin integration era has begun,” Brunett told Cointelegraph, adding:
Despite the historic executive order, Bitcoin plunged over 6% after the announcement, falling from $90,400 to $84,979. Many investors had anticipated the government would announce a plan to purchase additional Bitcoin, leading to short-term disappointment.
Despite the disappointment, the executive order marked a significant pivot that confirmed Bitcoin is “no longer an outsider” among the global financial assets, Burnett said.
“As the seventh-most valuable asset on earth, it is now positioned alongside traditional reserves, signaling a shift in how governments and institutions approach financial security, inflation protection and global liquidity,” he added.