US Virginia Senate Allows State Banks to Offer Crypto Custody Services -

"Delegate Christopher T. Head introduced the bill back in January 2022, seeking an amendment to allow eligible banks to offer crypto custody services."

Why this is important: I'll try to make this straightforward, but that's not easy. Cryptocurrency, obviously, is fungible, independent "currency," like BitCoin. It is not traditional "currency," and it is not backed by any government. For most of these, there is no real "currency" to hold, but rather a key code that represents your "currency," which is on-record with the issuer. In this case, the proposed bill (now approved by both the Virginia House of Delegates and Senate) allows banks to offer custody services for these instruments. Custody in this case is analogous to something between a traditional bank lock-box and a broker holding securities in street-name. The bank, or a third party vender whom the bank engages, holds that key code in a safe place, but presumably available at the direction of the bank customer.