Core Viewpoint - The SEC emphasizes that broker-dealers must maintain absolute control over private keys to comply with customer protection rules regarding "crypto asset securities" [1] Group 1: Regulatory Guidelines - The SEC's mid-term guidance includes tokenized stocks and bonds, indicating stricter scrutiny on on-chain versions of traditional securities [1] - Broker-dealers are required to establish written policies to prevent theft, loss, or unauthorized use of private keys [1] Group 2: Risk Management - Companies cannot claim custody if they face significant security or operational risks [1] - The SEC mandates that relevant institutions prepare for legal actions related to blockchain disruptions, governance changes, and asset freezes or seizures [1]

Group 1 - U.S. Bancorp is reintroducing cryptocurrency custody services for institutional investors, becoming one of the early banks to enter this competitive field [1] - The bank initially launched these services in 2021 in partnership with NYDIG but paused them due to SEC guidelines requiring custodians to hold capital on their balance sheets [1] - Following the withdrawal of this SEC regulation after Donald Trump's second term began, U.S. Bancorp has been working with NYDIG to relaunch the service, starting with Bitcoin custody for traditional registered funds and ETF providers [1] Group 2 - The digital asset custody space has been dominated by companies focused on cryptocurrency, but updated regulatory guidelines under the new U.S. administration are expected to encourage larger firms to engage in this business [1] - Other major financial institutions like Bank of New York Mellon and Fidelity Investments are also offering digital asset custody services, competing with cryptocurrency firms such as Coinbase and BitGo [2] - U.S. Bancorp is exploring how to integrate cryptocurrency and stablecoin use cases with wealth management, payments, and consumer banking [2]

Group 1 - The core viewpoint of the article is that JPMorgan Chase CEO Jamie Dimon stated the company does not plan to custody cryptocurrencies [1] Group 2 - Jamie Dimon has consistently expressed skepticism about cryptocurrencies, emphasizing concerns over their volatility and regulatory issues [1] - The statement reflects JPMorgan's cautious approach towards the cryptocurrency market, focusing instead on traditional banking services [1]