Breaking: US SEC Greenlights BNY Mellon’s New Crypto Custody Plan

Quick Summary:

The US Securities and Exchange Commission (SEC) has approved Bank of New York Mellon Corp.’s (BNY Mellon) plan to offer custody services for digital assets, a move that could extend beyond Bitcoin and Ether exchange-traded funds (ETFs).

Gary Gensler noted that while BNY Mellon’s consultation with the SEC initially involved Bitcoin and Ether, the approved structure is adaptable and not restricted to these cryptocurrencies.

BNY Mellon’s plan includes individual crypto wallets that are tied to separate bank accounts, ensuring that customer funds are safeguarded in the event of the bank’s insolvency.

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Article Details

Author / Journalist: Kelvin Munene Murithi

Category: Crypto

Markets: IndiaBrazil

Topics: BNY Mellon 24/7 Cryptocurrency News Gary Gensler US SEC Regulation News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-26 @ 21:46:24 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 217 words

Reading Time: 2 minutes read

Sentences: 32 lines

Sentence Length: 7 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGape

News ID: 22738362

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