{"id":644436,"date":"2024-09-25T04:30:29","date_gmt":"2024-09-25T04:30:29","guid":{"rendered":"https:\/\/uniquehot.com\/?p=644436"},"modified":"2024-09-24T22:48:48","modified_gmt":"2024-09-24T22:48:48","slug":"bny-mellon-moves-forward-with-bitcoin-custody-services-following-sec-exemption","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/bny-mellon-moves-forward-with-bitcoin-custody-services-following-sec-exemption\/","title":{"rendered":"BNY Mellon Moves Forward With Bitcoin Custody Services Following SEC Exemption"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bank of New York Mellon (BNY Mellon) is making significant strides toward launching custody services for Bitcoin (BTC) and <\/span><a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-bullish-adoption-four-high-rate\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Ethereum <\/span><\/a><span style=\"font-weight: 400\">(ETH), following its recent exemption from the Securities and Exchange Commission\u2019s (SEC) Staff Accounting Bulletin (SAB) 121.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As previously <\/span><a href=\"https:\/\/bitcoinist.com\/bny-mellon-cleared-for-bitcoin-custody\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">reported <\/span><\/a><span style=\"font-weight: 400\">by Bitcoinist on Friday, BNY Mellon is the first bank to receive this exemption, allowing it to avoid treating the custody of cryptocurrencies as a balance-sheet liability.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">BNY Mellon Seeks To Expand Crypto Custody Services<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The announcement came to light during the testimony of Chris Land, general counsel for pro-Bitcoin US Senator Cynthia Lummis, who confirmed that the SEC had granted BNY Mellon this crucial exemption.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to a Bloomberg <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-24\/bny-plans-to-custody-crypto-for-etfs-after-sec-review\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">report<\/span><\/a><span style=\"font-weight: 400\">, BNY Mellon is now closer to rolling out custody services for Bitcoin and Ether held by clients of exchange-traded products (ETPs).\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/sui\/sui-price-sits-40-below-all-time-high-as-tvl-approaches-1-billion\/\" target=\"_blank\" rel=\"noopener \">SUI Price Sits 40% Below All-Time High As TVL Approaches $1 Billion<\/a><\/div>\n<p><span style=\"font-weight: 400\">The SEC\u2019s Office of the Chief Accountant conducted a review earlier this year and did not object to BNY Mellon\u2019s determination that safeguarding <\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/is-bitcoin-heading-for-a-bear-market-analysts-weigh-in-on-the-price-struggles\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">crypto assets <\/span><\/a><span style=\"font-weight: 400\">for regulated ETP clients should not be recognized as a liability on its balance sheet.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, BNY Mellon cautioned that this decision does not resolve the broader issues related to SAB 121, which continues to restrict banks&#8217; ability to custody digital assets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The bank indicated its intention to engage further with the SEC\u2019s Office of the Chief Accountant for additional use cases, leveraging a \u201cfacts and circumstances\u201d approach. The bank stated that it is actively engaging with its banking regulators to facilitate custody services for <\/span><a href=\"https:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-rise-3600-to-3-7\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">crypto ETP <\/span><\/a><span style=\"font-weight: 400\">clients at scale.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Spot Bitcoin ETFs Drive Crypto Custody Opportunities<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Per the report, the crypto custody market is rapidly expanding, with estimates suggesting it could be worth approximately $300 million and growing at around 30% annually. Providers can charge significantly higher fees for safeguarding digital assets compared to<\/span><a href=\"https:\/\/uniquehot.com\/sui\/sui-price-sits-40-below-all-time-high-as-tvl-approaches-1-billion\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> traditional securities<\/span><\/a><span style=\"font-weight: 400\">, with costs potentially reaching up to ten times more.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This heightened expense is largely due to the increased security measures needed to protect against cyber threats, which have resulted in substantial financial losses across the digital asset industry.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/xrp\/xrp-bullish-experts-predictions\/\" target=\"_blank\" rel=\"noopener \">XRP Remains Bullish: Crypto Experts Unveil Predictions For The Price<\/a><\/div>\n<p><span style=\"font-weight: 400\">BNY Mellon, which oversees over $50 trillion in assets, has expressed confidence in the strong demand for bank-qualified custodians for <\/span><a href=\"https:\/\/uniquehot.com\/analysis\/xrp\/xrp-bullish-experts-predictions\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">digital assets<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Currently, the bank supports 80% of SEC-approved Bitcoin and Ether ETPs through its fund services business. By offering crypto custody, BNY Mellon aims to provide clients with a comprehensive end-to-end solution.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The recent launch of US spot Bitcoin exchange-traded funds has highlighted the growing opportunities within the crypto custody sector. Major firms like BlackRock and Fidelity Investments have already accumulated significant assets in these products, further underscoring the market&#8217;s potential.<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/PAbRGZZF\/\" alt=\"Bitcoin\" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">The 1D chart shows BTC&#8217;s price trending upwards. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">At the time of writing, the largest cryptocurrency on the market has risen to $64,380, up nearly 2% in the last 24 hours.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank of New York Mellon (BNY Mellon) is making significant strides toward launching custody services for Bitcoin (BTC) and Ethereum (ETH), following its recent exemption from the Securities and Exchange Commission\u2019s (SEC) Staff Accounting Bulletin (SAB) 121.\u00a0 As previously reported by Bitcoinist on Friday, BNY Mellon is the first bank to receive this exemption, allowing it to avoid treating the custody of cryptocurrencies as a balance-sheet liability. BNY Mellon Seeks To Expand Crypto Custody Services The announcement came to light during the testimony of Chris Land, general counsel for pro-Bitcoin US Senator Cynthia Lummis, who confirmed that the SEC had granted BNY Mellon this crucial exemption.\u00a0 According to a Bloomberg report, BNY Mellon is now closer to rolling out custody services for Bitcoin and Ether held by clients of exchange-traded products (ETPs).\u00a0 Related Reading: SUI Price Sits 40% Below All-Time High As TVL Approaches $1 Billion The SEC\u2019s Office of the Chief Accountant conducted a review earlier this year and did not object to BNY Mellon\u2019s determination that safeguarding crypto assets for regulated ETP clients should not be recognized as a liability on its balance sheet.\u00a0 However, BNY Mellon cautioned that this decision does not resolve the broader issues related to SAB 121, which continues to restrict banks&#8217; ability to custody digital assets.\u00a0 The bank indicated its intention to engage further with the SEC\u2019s Office of the Chief Accountant for additional use cases, leveraging a \u201cfacts and circumstances\u201d approach. The bank stated that it is actively engaging with its banking regulators to facilitate custody services for crypto ETP clients at scale. Spot Bitcoin ETFs Drive Crypto Custody Opportunities Per the report, the crypto custody market is rapidly expanding, with estimates suggesting it could be worth approximately $300 million and growing at around 30% annually. Providers can charge significantly higher fees for safeguarding digital assets compared to traditional securities, with costs potentially reaching up to ten times more.\u00a0 This heightened expense is largely due to the increased security measures needed to protect against cyber threats, which have resulted in substantial financial losses across the digital asset industry. Related Reading: XRP Remains Bullish: Crypto Experts Unveil Predictions For The Price BNY Mellon, which oversees over $50 trillion in assets, has expressed confidence in the strong demand for bank-qualified custodians for digital assets.\u00a0 Currently, the bank supports 80% of SEC-approved Bitcoin and Ether ETPs through its fund services business. By offering crypto custody, BNY Mellon aims to provide clients with a comprehensive end-to-end solution. The recent launch of US spot Bitcoin exchange-traded funds has highlighted the growing opportunities within the crypto custody sector. Major firms like BlackRock and Fidelity Investments have already accumulated significant assets in these products, further underscoring the market&#8217;s potential. At the time of writing, the largest cryptocurrency on the market has risen to $64,380, up nearly 2% in the last 24 hours. Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":644437,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,532,9960,656,679,1119,1122,1144,8390,78790,6664,14690,54512,8323,1946],"class_list":["post-644436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-etfs","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-crypto-news","tag-defi","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\n<title>BNY Mellon Moves Forward With Bitcoin Custody Services Following SEC Exemption<\/title>\n<meta name=\"description\" content=\"BNY Mellon is making significant strides toward 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