With Kraken being fined for their unregistered staking services and having to pay millions in fines to the SEC, it's no wonder that banks continue to stay away from crypto. I recently read this passage in a recent Barron's paper (yes, I still read a newspaper), and it got me to thinking:
It all got me to thinking, back to the original Bitcoin white paper:
..."without going through a financial institution." So, it really shouldn't be surprising to anyone that banks don't want to get involved with crypto. Even if regulators weren't already discouraging them from doing so, due to the collapse of FTX and subsequent industry fallout. By their very nature, cryptocurrencies require no financial institutions. It can be said that cryptocurrencies are directly competing with traditional financial institutions. Whether or not this was the original intent of Bitcoin can be argued, but that is just the nature of cryptocurrencies today.
So, as United States lawmakers sound the alarm and call for more regulation on cryptocurrencies, banks are now essentially being strong-armed to watch from the sidelines. But why would any bank want to get involved in the first place? If they want to engage with potentially disruptive competition to the traditional finance industry and capitalize on it, they will have to wait for now.
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