Michael Saylor, the name behind MicroStrategy, shared some rumors in a post he made at the time of writing. His post, along with the BNY Mellon news, mentioned that more than one major bank crypto money It says it can provide services. So what did BNY do to become the subject of these rumors?
BNY Mellon and Crypto
BNY, SECwill be exempt from America’s tough rules for safekeeping of digital assets. BNY, America’s largest custodian bank, will be exempt from corporate crypto- received the SAB 121 exemption sought by banks seeking to enter the custody business. Chris Land, general counsel to U.S. Senator Cynthia Lummis, said the move was a move that would crypto custody services He said that he removed all obstacles to be able to give.
“BNY is looking to get into the crypto custody business. They had some issues with Staff Accounting Bulletin (SAB) 121 and it looks like the SEC has given them some kind of exception from SAB 121 to move forward.”
SEC Chief Accountant Paul Munter explained that some institutions qualify for the SAB 121 exemption, a qualification that likely relates to the custodian’s reserves.
Western, of the Wyoming Elections Committee, says it’s a double standard and won’t make things any better.
“We see an environment where the giants like BNY are the favorites, frankly, against the ones like Custodia, Kraken, Bankwyze, who have been playing by the rules for so long and want to be good institutional players. The others are being cornered and the way is being opened for the giants.”
Cryptocurrencies and Big Banks
In Türkiye and around the world crypto money The number of banks entering the business is increasing. Even giants like JPMorgan, although not directly involved in the crypto business, have actively played a role in the ETF process as service providers. Referring to the step taken by BNY, Saylor He wrote in his post below that more banks could enter the crypto custody business.
Moreover, we can see that banks are also salivating for clearing services as they see the expected interest in custody services. Cryptocurrency markets that have reached huge volumes can represent an important item on banks’ income lists. We will all experience and see what happens when BNY, whose foundations were laid in 1784, officially announces its crypto custody services.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
