On September 27, according to Bloomberg, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said that the digital asset custody service structure of Bank of New York Mellon can be applied to cryptocurrencies other than Bitcoin and Ethereum ETFs. The bank's proposed structure includes the use of personal crypto wallets, each corresponding to a separate bank account, and prohibiting commingling with bank assets. Bank of New York Mellon has submitted a Bitcoin and Ethereum custody plan to the SEC's Office of the Chief Accountant to protect customer funds in the event of a bank bankruptcy. The SEC expressed "no objection" to the plan, which means that the structure will not violate the SEC's regulations requiring banks to reflect the value of the digital assets in custody in their balance sheets. Previously, Bank of New York Mellon had become the first bank to obtain an exemption from the SEC's crypto accounting policy SAB 121.
