For years, Bitcoin services and bank deposits mostly came from different companies. A customer who wanted both usually needed at least two providers, and only one of them was a bank. Three developments in the public record changed that.
March 2025.
The Office of the Comptroller of the Currency published Interpretive Letter 1183. It confirmed that the banks it supervises may provide crypto-asset custody, engage in certain stablecoin activities, and take part in distributed ledger networks. It also withdrew an earlier requirement that a bank obtain the agency’s non-objection before starting.
May 2025.
Interpretive Letter 1184 confirmed that those banks may buy and sell assets held in custody at a customer’s direction, and may use third parties for custody and execution with appropriate risk management.
July 2025.
The GENIUS Act became law on July 18, 2025. It created a federal framework for payment stablecoins, including who may issue them and how they must be backed.
What it means.
Together these make clear that a bank may offer deposits, lending, and digital asset services to the same customer, under the supervision that applies to banks. Longstone was designed for that arrangement. Its platform is built, and it is seeking to acquire a full-service, OCC-chartered, FDIC-insured bank.
What it does not mean.
None of these actions removes the risk in digital assets, and none is an endorsement of Longstone by any regulator. A bank that offers these services must still do so safely and soundly. Longstone is not a bank today.