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Cryptocurrency News Articles
BNY Mellon’s Crypto Custody Structure Could Be Applied to Other Digital Assets, Says SEC Chair Gary Gensler
Sep 27, 2024 at 05:20 am
In comments to Bloomberg today, SEC Chair Gary Gensler discussed BNY Mellon's crypto custody structure. He suggested that the model used for Bitcoin and Ether ETFs could be applied to other digital assets.
The SEC has approved BNY Mellon's crypto custody structure, opening the door for the bank to expand its services to a wider range of digital assets.
In comments to Bloomberg on Monday, SEC Chair Gary Gensler said that the model used for Bitcoin and Ether ETFs could be applied to other crypto assets.
While the current approval applies only to Bitcoin and Ether ETFs, Gensler noted that the custody structure is not limited to specific crypto assets.
“Though the actual consultation related to two crypto assets, the structure itself was not dependent on what the crypto was, it didn’t matter what the crypto was,” Gensler said.
The approval hinges on BNY's use of individual crypto wallets, ensuring that customer assets are protected and segregated from the bank’s own assets in the event of insolvency. This wallet structure was developed in consultation with the SEC’s Office of Chief Accountant, leading to the agency’s “non-objection” decision.
This approval guarantees that the bank's approach complies with regulatory requirements, preventing customer assets from being at risk during bankruptcy, a key issue that has plagued crypto platforms like Celsius, FTX, and Voyager.
The crypto custody market, which is currently valued at $300 million and is expected to grow by 30% annually, presents a lucrative opportunity for financial institutions.
With non-bank providers typically charging much higher fees for digital asset custody compared to traditional assets, banks like BNY Mellon are well-positioned to capitalize on this growing demand by offering more secure and regulated solutions.
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