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

BNY Mellon Gets SEC Approval to Offer Bitcoin and Digital Asset Custody

user avatar

by Giorgi Kostiuk

a year ago

  1. SEC Approval
  2. New Opportunities for BNY Mellon
  3. Centralization Concerns


    4. On September 20, 2024, leading global asset custodian BNY Mellon received approval from the U.S. Securities and Exchange Commission (SEC) to offer Bitcoin and other digital asset custody services.

    SEC Approval

    The SEC granted BNY Mellon the right to custody Bitcoin and other digital assets. BNY Mellon received an exemption from the requirements of Staff Accounting Bulletin (SAB) 121, making it easier for banks to enter the crypto custody space.

    New Opportunities for BNY Mellon

    This approval allows the $49 trillion asset custodian to hold not only Bitcoin but also many other digital assets. It could be one of the most significant events for the cryptocurrency market in 2024.

    Centralization Concerns

    Concerns are rising over the potential increase in centralization within the cryptocurrency space. Many community members express concern that large banks might undermine the decentralized foundation of Bitcoin and other cryptocurrencies.

    The SEC's approval for BNY Mellon to custody Bitcoin includes 'all digital assets,' meaning the $49 trillion asset custodian can hold crypto. This could be the single most significant event of 2024.MartyParty

    The SEC's approval for BNY Mellon to custody digital assets opens new opportunities for institutional investors but also sparks discussions about the impact of large banks on cryptocurrency decentralization.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

a16z Highlights Immediate Security Vulnerabilities in Bitcoin and Ethereum

chest

a16z highlights immediate security vulnerabilities in Bitcoin and Ethereum, urging the industry to prioritize addressing these issues.

user avatarKenji Takahashi

Avalanche Demonstrates Builder Strength in Crypto Market

chest

Avalanche continues to attract developers with its innovative infrastructure, but struggles to engage retail investors.

user avatarMaria Fernandez

Coinbase Stock Declines for Fourth Consecutive Day

chest

Coinbase's stock price has fallen for four consecutive days amid market volatility, closing at 21695 on January 23, 2026, with no official explanation from the company.

user avatarRajesh Kumar

Trump's America First Policy Reshapes Global Economic Landscape

chest

The United States under President Trump is leading a significant shift in the global economy, prompting allies to reduce their dependence on American influence.

user avatarGustavo Mendoza

Initial Jobless Claims Data to Be Released Amid Financial Events

chest

Initial jobless claims data will be released by the US Labor Department on January 29, 2025, providing insights into labor market conditions and influencing economic perceptions.

user avatarMiguel Rodriguez

Key Global Leaders to Address Markets Ahead of Fed Decision

chest

Key global leaders, including US President Donald Trump and ECB President Christine Lagarde, will address economic policies and geopolitical issues on January 27-28, 2025, potentially impacting global markets ahead of the Federal Reserve's interest rate decision.

user avatarLuis Flores

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.