• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

BNY Mellon Authorized for Custody of Bitcoin and Cryptocurrencies

user avatar

by Giorgi Kostiuk

8 months ago

  1. What Is Bitcoin Custody?
  2. News from BNY Mellon
  3. Gary Gensler’s Statement


    4. Important news for Bitcoin holders and companies: BNY Mellon has been officially approved by the U.S. Securities and Exchange Commission (SEC) to offer Bitcoin and crypto custody services.

    What Is Bitcoin Custody?

    Bitcoin custody is similar to how a bank holds your money in a savings account or safety deposit box. Instead of cash or jewelry, BNY Mellon will store your Bitcoin. As Bitcoin and other cryptocurrencies grow in popularity, more people are looking for trusted places to store their digital coins.

    News from BNY Mellon

    This service from BNY Mellon gives customers peace of mind, knowing that their Bitcoin is in safe hands. After all, nobody wants to lose their money, especially when it comes to something as valuable as Bitcoin. BNY Mellon is a well-known bank that has been around for over 200 years. By offering Bitcoin custody, it shows that even traditional banks are jumping on the cryptocurrency bandwagon. This move could encourage more people to trust and invest in Bitcoin because they’ll feel safer knowing that their digital assets are being protected by such a large and reliable institution.

    Gary Gensler’s Statement

    Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC), has confirmed that Bitcoin is not classified as a security. This means that Bitcoin is viewed more like a commodity, similar to gold or oil, rather than a stock or bond. As a result, it isn’t subject to the same strict regulations that apply to securities. Gensler’s statement helps clarify Bitcoin’s legal status, reinforcing its role as a decentralized digital asset, and giving more confidence to investors and businesses operating in the crypto space.

    Bitcoin, as my predecessor and I have stated, is not a security. You now have an option to invest in it through ETFs.Gary Gensler

    The official approval from the SEC for BNY Mellon, one of the oldest banks in the world, to offer Bitcoin custody services is a significant step in recognizing cryptocurrencies by traditional financial institutions. This event underscores the growing acceptance of cryptocurrencies in the financial industry.

0

Share

Other news

OKX Wallet Enhances Fractal BRC-20 Services

OKX Wallet is upgrading Fractal BRC-20 protocol services, temporarily halting asset management on the Bitcoin blockchain.

user avatarGiorgi Kostiuk

13 minutes ago

Crypto Market Focus: XRP's Decline, ONDO's Support, and Unstaked's Potential

Analysis of the current crypto market situation with a focus on XRP, ONDO, and the prospects of the Unstaked platform.

user avatarGiorgi Kostiuk

an hour ago

Memecoin ETFs: Predictions and Regulatory Challenges

Analysis of the expected emergence of memecoin ETFs by 2026 and the issues related to SEC delays.

user avatarGiorgi Kostiuk

an hour ago

Stratis Network Upgrade and Hard Fork: Binance's Support

Binance temporarily suspends STRAX deposits and withdrawals for the Stratis upgrade, introducing masternode staking.

user avatarGiorgi Kostiuk

an hour ago

SUI Under Pressure: What’s Behind the Decline and How Qubetics is Gaining Popularity

SUI faces challenges after a $223 million hack, while Qubetics shows resilience and growing investor interest.

user avatarGiorgi Kostiuk

an hour ago

Arctic Pablo, Housecoin, and Turbo: What to Expect in the 2025 Crypto Market?

An overview of Arctic Pablo, Housecoin, and Turbo presales shaping the future of cryptocurrencies in 2025.

user avatarGiorgi Kostiuk

an hour ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.