đąăNew trends in the blockchain industry: Bank of New York Mellon's digital asset custody service is approved by the SECă
Hello everyone! Today we bring you an exciting blockchain industry news. On September 27, according to Bloomberg, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said that Bank of New York Mellon's digital asset custody service structure can not only be applied to Bitcoin and Ethereum ETFs, but can also be extended to other cryptocurrencies. This news undoubtedly injected a shot of adrenaline into the cryptocurrency market.
First, let's take a look at the custody service structure proposed by Bank of New York Mellon. The core of the structure is the use of personal crypto wallets, each of which corresponds to a separate bank account, and these accounts are prohibited from being mixed with other assets of the bank. This design is intended to maximize the security of customers' funds, especially in the event of bank bankruptcy.
Even more exciting is that Bank of New York Mellon has submitted a Bitcoin and Ethereum custody plan to the SEC's Office of the Chief Accountant. The SEC expressed "no objection" to this, which means that the structure complies with SEC regulations and will not violate the bank's requirement to reflect the value of the custody digital assets in its balance sheet. This move undoubtedly provides a reference template for other banks and financial institutions.
It is worth mentioning that BNY Mellon has previously become the first bank to obtain the SEC's crypto accounting policy SAB 121 exemption. This means that the bank has taken the lead in the field of crypto asset custody and set an example for other financial institutions.
So, what does this news mean for the cryptocurrency market? First, it shows that traditional financial institutions are gradually accepting and integrating into the cryptocurrency market. Secondly, the recognition of this custody service structure may attract more institutional investors to enter the cryptocurrency market and further promote the development of the market.
Of course, the future of the market is still full of uncertainty, but this positive regulatory signal has undoubtedly injected some confidence into the market. We encourage everyone to share your views and insights in the comment area and discuss the possible impact of this on the future development of the cryptocurrency market.
Overall, this move by BNY Mellon not only brings new hope to the cryptocurrency market, but also provides a viable solution for other financial institutions.Letâs look forward to more similar innovations and progress!
Come to the comments section and discuss with us, what impact do you think this custody service structure will have on the cryptocurrency market? đŹ
