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This means that the bank can officially hold and protect Bitcoin for its customers, making it one of the first major banks to provide this service.
For people and companies who own Bitcoin, this is like having a safe place to store their digital assets. This is important news for Bitcoin custody.
What Is Bitcoin Custody?
Bitcoin custody is similar to how a bank holds your money in a savings account or safety deposit box. Instead of cash or jewelry, BNY Mellon will store your Bitcoin. As Bitcoin and other cryptocurrencies grow in popularity, more people are looking for trusted places to store their digital coins.
This service from BNY Mellon gives customers peace of mind, knowing that their Bitcoin is in safe hands. After all, nobody wants to lose their money, especially when it comes to something as valuable as Bitcoin.
JUST IN: BNY Mellon approved by SEC for #Bitcoin and crypto custody services, says Gary Gensler — Bloomberg pic.twitter.com/nxYg5ykPKI
— Bitcoin Magazine (@BitcoinMagazine) September 26, 2024
BNY Mellon is a well-known bank that has been around for over 200 years. By offering Bitcoin custody, it shows that even traditional banks are jumping on the cryptocurrency bandwagon. This move could encourage more people to trust and invest in Bitcoin because they’ll feel safer knowing that their digital assets are being protected by such a big and reliable institution.
Gary Gensler’s confirmation also means that the SEC, the agency that makes sure financial rules are followed, approves of this new service. This is a positive sign for Bitcoin, as it means that cryptocurrency is slowly becoming more accepted in the financial world.
More About Gary Gensler
Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC), has confirmed that Bitcoin is not classified as a security. This means that Bitcoin is viewed more like a commodity, similar to gold or oil, rather than a stock or bond. As a result, it isn’t subject to the same strict regulations that apply to securities.
BREAKING: Gary Gensler confirms that #Bitcoin is not classified as a security.
“Bitcoin, as my predecessor and I have stated, is not a security. You now have an option to invest in it through #ETFs.”
— Epic Finology (@EpicFinology) September 26, 2024
Gensler’s statement helps clarify Bitcoin’s legal status, reinforcing its role as a decentralized digital asset, and giving more confidence to investors and businesses operating in the crypto space.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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