#银行接入加密服务 The OCC's interpretive letter 1188 has sent a clear signal - US regulators are paving the way for banks to engage in encryption transactions. The key lies in the definition of "risk-free principal": banks act as middlemen rather than Holdings, and this structured design drops the risk exposure of Financial Institutions, creating a legal basis for Compliance entry.

The partnership between PNC Bank and Coinbase is worth paying attention to. It is the first among the top five banks in the United States to launch BTC trading, reflecting the real existence of high-net-worth client demand—these client groups' asset allocation pressure is driving TradFi to actively adapt to the encryption ecosystem. From the on-chain capital flow perspective, such collaborations usually indicate that institutional-level stable incremental demand is about to be released.

In the short term, we expect to see: first, more mainstream banks following compliance plans; second, the deposit and withdrawal channels through licensed platforms like Coinbase will gradually become smoother. This is positive for the liquidity aspect of the spot market.

Risks to be aware of: Although the regulatory framework is being improved, it is still in the pilot verification stage, and the boundaries of the policy may still be adjusted. At the same time, pay attention to the price impact when large amounts of capital enter the market—high net worth entry is usually reflected in over-the-counter transactions, and the performance of on-chain spot prices may be lagging.