US Crypto regulators must clarify rules, says BNY Mellon CFO. On Tuesday, a number of major financial institutions released statements. One of them suggested that the United States needed. To provide more information on the situation. When it comes to cryptocurrencies, there are some ground rules to follow. As well as other digital assets, because there is still some ambiguity. Concerning the activities that are permitted in the country.
The following is an interview with Emily Portney, Chief Financial Officer. At Bank of New York Mellon Corporation (BK.N). According to the news agency Reuters, the bank is the tenth largest lender in the country. When asked about the future of digital assets. Portney stated that she would like to see more clarity. According to her, “we anticipate increasing clarity in the realm of digital assets. In the coming months.”
“It’s a little unclear who is in charge of legitimately regulating digital assets, particularly cryptocurrency. And, of course, exactly what you are permitted to do. And are not permitted to do “Portney shared his thoughts. The announcement came immediately after the bank reported. A 17 percent increase in fourth-quarter earnings.
According to Portney’s opinions, the cautious approach employed. By President Joe Biden’s administration is the right way to follow. The shift from physical assets to digital assets is causing widespread unhappiness among CEOs. He thinks that the banking industry is becoming more vocal about its concerns. And that this is a good thing. Banks are trying to get their hands on some of the new technology that is being developed.
As the value of cryptocurrencies reached $3 trillion in November, according to Bloomberg. A vast number of company leaders believe. That they will be unable to produce new products or expand existing operations.
BNY Mellon announced a digital asset custody and management platform to US Crypto Regulators
Financial services company BNY Mellon, which specializes in asset storage. Has announced the launch of a new website. And management on behalf of clients, according to a February statement. They have stated that they are constructing a digital asset custody system. In addition, a platform for customer administration is provided.
According to a recent announcement, the program will begin in January of next year. Banks will be obliged to obtain written approval from their bank regulators before proceeding. Prior to engaging in cryptocurrency-related operations. Make sure you understand what you’re getting yourself into. These services may involve the supply of bitcoin storage facilities. The provision of bitcoin custody services by banks previously prohibited. It is not possible for them to operate unless they first receive a license. From their respective banking regulators. However, under the Trump administration, this has altered significantly.
The OCC and other regulatory agencies are referring to it as a “policy sprint.” In order to understand how they can provide regulatory certainty for financial institutions. They must first determine what they can supply. In the case of bitcoin trading, this is extremely crucial. Based on what discovered during the research. Several new recommendations or guidelines will very certainly produced in the future. As early as this calendar year, it is possible that this will occur.
In my opinion, this is what I refer to as the “shadow banking system.” According to Portney, this is a place that defined by a lack of openness and accountability. In this case, a large portion of the activity carried out.