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Permissibility Is the Real Prize for Banks in Crypto Bill

The U.S. market‑structure bill’s permissibility section would formally allow banks and their holding companies to own and transact in digital assets, effectively expanding the range of activities deemed permissible under the National Bank Act. Critics argue that simply placing an asset on a blockchain could sidestep long‑standing banking restrictions, creating a regulatory loophole. Proponents contend the statute codifies recent regulator guidance, giving banks clear authority to engage in crypto‑related services such as rewards programs and prime brokerage. The debate pits financial‑stability concerns against the desire for legal certainty and broader crypto‑bank integration.