Crypto Landscape Sees Regulatory Steps Forward Amidst Platform Closure
Crypto Landscape Sees Regulatory Steps Forward Amidst Platform Closure
U.S. regulators have clarified that banks are permitted to hold certain crypto assets to manage network fees, indicating a step towards broader institutional acceptance. However, the crypto ecosystem also saw a setback with DappRadar, an onchain analytics platform, announcing its closure due to financial unsustainability.
U.S. Banks Get Green Light for Crypto Holdings
The Office of the Comptroller of the Currency (OCC) has provided a significant clarification, confirming that U.S. banks are now allowed to hold certain crypto assets. This move is specifically aimed at enabling banks to pay network fees associated with various blockchain activities. This regulatory development from the OCC is seen as a positive step for institutional engagement within the digital asset space, potentially paving the way for more traditional financial entities to interact with cryptocurrencies.
DappRadar Shuts Down Operations
In contrast to the regulatory progress, the crypto analytics sector has faced a challenge with the news that DappRadar, a prominent onchain analytics platform, is ceasing its operations. The company cited 'financial unsustainability' as the primary reason for its closure. DappRadar's shutdown reflects the ongoing volatility and difficult market conditions that can impact even established platforms within the broader blockchain and decentralized application ecosystem.