Seeds of Wisdom RV and Economic Updates Friday Evening 9-27-24
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GENSLER SUGGESTS BNY MELLON’S CRYPTO CUSTODY MODEL COULD EXPAND BEYOND BITCOIN AND ETHER ETFS
BNY Mellon explores extending regulated crypto custody beyond ETFs.
▪️Gensler suggests BNY Mellon's crypto custody model could apply to various digital assets.
▪️The crypto custody market is growing rapidly, with banks poised to benefit from secure, regulated services.
In comments to Bloomberg today, SEC Chair Gary Gensler discussed BNY Mellon’s crypto custody structure. He suggested that the model used for Bitcoin and Ether ETFs could be applied to other digital assets.
While the current approval applies only to Bitcoin and Ether ETFs, Gensler noted that the custody structure is not limited to specific crypto assets.
“Though the actual consultation related to two crypto assets, the structure itself was not dependent on what the crypto was, it didn’t matter what the crypto was.” said Gensler.
BNY Mellon now has the flexibility to extend its custody services to other digital assets if it chooses. Gensler emphasized that the “non-objection” is based on the structure itself, not the type of crypto asset, allowing other banks to adopt the same model for crypto custody.
The approval hinges on BNY’s use of individual crypto wallets, ensuring that customer assets are protected and segregated from the bank’s own assets in the event of insolvency. This wallet structure was developed in consultation with the SEC’s Office of Chief Accountant, leading to the agency’s “non-objection” decision.
This approval guarantees that the bank’s approach complies with regulatory requirements, preventing customer assets from being at risk during bankruptcy, a key issue that has plagued crypto platforms like Celsius, FTX, and Voyager.
The crypto custody market, estimated to be worth $300 million and growing by 30% annually, represents a lucrative opportunity for financial institutions.
With non-bank providers typically charging much higher fees for digital asset custody compared to traditional assets, banks like BNY Mellon are well-positioned to capitalize on this growing demand by offering more secure and regulated solutions.
@ Newshounds News™
Source: CryptoBriefing
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BIG Silver Price and coin news
The Economic Ninja
(9/26/2024)
🚀 Silver surged to a 12-year high in 2022, gaining 37% since January 2023, driven by expectations of Fed rate cuts and increased demand in renewable energy, electronics, and electric vehicles.
💡 The global renewable energy market is projected to grow from $1.14 trillion in 2023 to $5.62 trillion by 2025, with a 17.3% annual growth rate, boosting silver's industrial applications.
🔬 Silver has more patents tied to it than any other metal, used in everyday items like water filters, cell phones, and solar panels, with companies indifferent to price fluctuations due to the small amounts needed in production.
📈 The Federal Reserve's pivot towards easier monetary policy, potential future rate cuts, and China's economic boost efforts have supported silver's price gains.
💼 Silver is considered a tangible, real investment that can be vaulted, contrasting with the stock market's perceived "vaporware" nature, with recommendations to invest in the cheapest possible silver coins.
@ Newshounds News™
Source: The Economic Ninja
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