According to ChainCatcher, 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 be applied to cryptocurrencies other than Bitcoin and Ethereum ETFs.
Gensler said BNY Mellon’s proposed structure involves the use of individual crypto wallets, each with a separate bank account and a prohibition on commingling with bank assets.
Earlier this week, Bank of New York Mellon acknowledged that it had 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 failure.
