Most banks are likely to enter custody businesses through partnerships with existing crypto firms, sources said.
Charles Schwab CEO Rick Wurster told Reuters earlier this month that the traffic lights from financial regulators were flashing "pretty green" for large firms to grow in crypto. The signals have reinforced Schwab's plans to offer spot crypto trading within a year, he said.
New regulators under Trump have also signaled more bank-friendly crypto policies. The U.S. Office of the Comptroller of the Currency paved the way for lenders to engage in some crypto activities, such as custody, some stablecoin activities and participation in distributed ledger networks.
The Securities and Exchange Commission also scrapped earlier accounting guidance that made it expensive for banks to deal in crypto.