Crypto Rules Change With Each US President, Leaving Bitcoin's Future Uncertain

Bank regulations regarding cryptocurrency have changed with each new US president since 2017. This creates uncertainty for Bitcoin holders, who rely on banks to buy and hold their assets. The current rules favor bank access to crypto, but this could change with the next administration.

The Office of the Comptroller of the Currency (OCC) issued guidance in July 2020 allowing national banks to hold crypto for customers. However, the Biden administration took a different approach, mandating that banks obtain supervisor approval before engaging in any crypto activities.

Under the Trump presidency, rules shifted again. In January 2025, the SEC eliminated its accounting guidance, and in March 2025, the OCC lifted the sign-off requirement. The FDIC and Fed retracted their warnings that spring.

The SEC's October 1 custody proposal follows this pattern. Although it could allow advisers to hold crypto on clients' behalf, it remains a regulation subject to change by future administrations.