BNY Mellon receives approval from the U.S. SEC to provide cryptocurrency custody services

ChainCatcher news, according to Bloomberg, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler stated that the digital asset custody service structure proposed by Bank of New York Mellon can be applied to cryptocurrencies beyond Bitcoin and Ethereum ETFs.

Gensler mentioned that the structure proposed by Bank of New York Mellon includes the use of individual crypto wallets, with each wallet having a separate bank account, and prohibits mixing 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 bankruptcy.