BNY Mellon has received SEC approval for its crypto custody structure, starting with Bitcoin and Ethereum ETFs. Gensler noted that while the approval applies to these two assets, the structure could be extended to other cryptocurrencies. BNY's custody model uses segregated crypto wallets to protect customer assets in case of insolvency, ensuring compliance with regulatory requirements. Developed with the SEC's Office of Chief Accountant, this approach safeguards assets, addressing concerns raised by previous crypto platform collapses. Sources: Bloomberg and Crypto Briefing
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