Ian Herbert Comments on Banks' Role in Handling Cryptocurrency in Law360

"OCC Letter May Help Ease Banks' Lingering Crypto Concerns"



Ian Herbert commented on banks' readiness to begin dealing in cryptocurrencies. Herbert said that banks are used to managing valuable and complex assets and are "well-positioned to act as custodians of cryptocurrency and to address the [associated] security, valuation and data storage aspects." He stated "the tricky part will be the development of the infrastructure to make sure banks are properly tracking cryptocurrency transactions," as these types of transactions lack international bank account numbers. Herbert said that banks will face "some sort of upfront investment into developing a system to track all this information."