BNY Mellon is moving closer to offering custodial services for Bitcoin and Ethereum exchange-traded funds (ETFs) after receiving an exemption from a SEC accounting bulletin. This exemption allows the bank to not consider customer crypto as a corporate liability, which could open the door for more traditional banks to provide crypto custody services. BNY Mellon's entry into the market could challenge Coinbase's dominant position in the space. The crypto custody market is predicted to be worth over $1 billion by 2032, with an annual growth rate of $90 million. However, regulatory scrutiny may impact BNY Mellon's progress, as private meetings between SEC staff and companies have raised concerns among lawmakers.



Other News from Today