• 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

SWIFT Tests XRP Integration for Enhanced Payment Systems

chest

SWIFT is testing the integration of the XRP Ledger to enhance cross-border payment efficiency.

user avatarDiego Alvarez

Tether Freezes $544 Million in Assets Linked to Illegal Betting Operation

chest

Tether has frozen approximately $544 million in assets linked to an illegal online betting operation at the request of Turkish prosecutors.

user avatarKenji Takahashi

Tether Mints $1 Billion USDT Amid Bitcoin Selloff

chest

Tether minted an additional $1 billion USDT amid a sharp decline in Bitcoin prices, providing liquidity during a volatile market.

user avatarKenji Takahashi

XRP Price Shows Signs of Recovery After Significant Dip

chest

XRP price has rebounded after hitting a low of 116, with increased whale activity and unique addresses on the XRP Ledger.

user avatarMaria Fernandez

Arthur Hayes Attributes Bitcoin Selloff to IBIT Hedging

chest

Arthur Hayes attributes the recent Bitcoin selloff to hedging related to BlackRock's iShares Bitcoin Trust (IBIT), indicating that dealer hedging can lead to significant mechanical selling when market conditions shift.

user avatarGustavo Mendoza

The PASS: New Utility NFTs to Empower Web3 Creators

chest

The PASS has been introduced as a framework for Web3 creator economies, offering Utility NFTs that enable community creation and governance.

user avatarRajesh Kumar

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.