US Bancorp has resumed its digital asset custody services for institutional clients following a rollback of SEC rules under the Trump administration. This regulatory shift has allowed the bank to revive its previous custody service, initially launched in 2021 in partnership with NYDIG, which was paused due to SEC guidelines requiring banks to hold extra capital for crypto activities. Stephen Philipson, head of US Bank’s institutional division, commented on the bank's strategy to scale the service and integrate digital assets into broader financial services. Initially, US Bancorp will offer custody for Bitcoin, with future expansions planned for other cryptocurrencies that meet their compliance standards. The growing crypto custody space has seen involvement from traditional banks, with BNY Mellon leading the market by safeguarding Bitcoin and Ether for select clients. Additionally, Deutsche Bank and Citigroup have announced their own plans to enter the crypto custody service market, indicating a broader trend of traditional financial institutions embracing digital assets.

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