Main Points:
- BNY Mellon secures exemption from SEC rule for Bitcoin custody
- US banks may soon offer custody services for cryptocurrencies
- Potential impact on federal crypto regulations and BTC price
BNY Mellon Granted Exemption for Bitcoin Custody
Bank of New York Mellon, the largest U.S. custodian bank, has obtained an exemption from the SEC’s SAB 121 rule, allowing it to potentially offer custody services for Bitcoin and other cryptocurrencies. This move signals a significant step forward in institutional crypto custody in the United States.
Potential Impact on Cryptocurrency Regulations
The exemption granted to BNY Mellon could lead to other major U.S. banks offering similar custody solutions for customers’ Bitcoin and crypto holdings. This development may indicate a shift in the federal government’s stance on crypto regulations, potentially easing the scrutiny faced by the industry in recent years.
Implications for Bitcoin Price and Market Dynamics
Bank custody of Bitcoin has been identified as a key catalyst for driving the price of BTC higher, with some industry experts suggesting it could help propel the cryptocurrency above $5 million per coin. The ability of banks like BNY Mellon to custody Bitcoin may accelerate adoption and investment in the digital asset, ultimately influencing its market value and trading dynamics.
