29 April 2021 - Events
Megan Jones, a tax attorney on Withers cryptocurrency team, was featured in the article, ‘Latest OCC Crypto Bank Approval Hints at Post-Trump Future,’ which was published by Law360. The article discusses the future of digital assets following the Office of the Comptroller of the Currency (OCC)’s February 5th announcement of conditional approval of Protego, a Seattle-based provider of cryptocurrency custody services, to become the second federally chartered trust bank.
In the article, Megan notes that the Protego approval is a “positive” sign that the new Biden administration may continue to accept more bank involvement in the cryptocurrency space. She adds, ‘We don’t really know yet how it’s going to play out, but I think there is hope that this new approval shows there is broader acceptance within the OCC that these cryptocurrencies are inevitable.’
Despite this, Megan cautions that the future of digital assets in the US will likely involve strict enforcement and focus on anti-money laundering compliance and reporting requirements.
For those that subscribe to Law360, the full article can be read here. Please note a subscription is required.
You may also be interested to read, ‘Federal banks get ok to provide services for crypto assets’, which Megan co-authored last summer.