New York Melon Bank (BNY Melon) disclosed holdings of more than $13 million in Bitcoin Exchange Sales Fund (ETF) at the end of the fourth quarter, bringing another indication of traditional financial institutions to increase their exposure to digital assets. It is shown.
According to a newly filed disclosure with the SEC, BNY Mellon owns 115,108 shares (BTCW) of 25,309 shares of BlackRock's Ishares Bitcoin Trust (IBIT), valued at approximately $1,187 million.
Wall Street warms up to Bitcoin
BNY Mellon's position in Bitcoin ETF adds the growth trend for Wall Street Banks, which enters cautiously into the digital asset space.
For example, JPMorgan Chase holds nearly $1 million in Bitcoin ETF stocks, while Goldman Sachs reported over $2 billion exposure at the end of the fourth quarter on Bitcoin and Ethereum ETF Holdings.
The SEC approved the Spot Bitcoin ETF in early 2024, ensuring institutional and retail investors are exposed to Bitcoin without directly detaining their assets. This move has been widely regarded as a pivotal moment for the adoption of crypto in traditional finance.
Despite increasing participation through ETF investments, regulatory constraints continue to prevent major banks from holding or trading cryptocurrency directly.
Goldman Sachs CEO David Solomon said in December that he was based on Bitcoin while regulatory barriers restricted banks from direct crypto ownership and provided advisory services on digital assets. He said it is being restricted from holding as a.
Regulatory stance shift
Despite current restrictions, regulators are beginning to change their stance under the new US administration. Federal Reserve Chairman Jerome Powell recently reaffirmed that if it manages the associated risks, the Fed will not hinder banks from offering crypto services.
Speaking before Congress on February 12, he said many Fed-regulated banks are already engaged in cryptography under established guidelines but warned against excessive exposure. However, he did not argue about the possibility that the banks invest and hold Bitcoin in their Treasury Department.
Powell's comments are in line with a wider shift towards Washington's procrypt stance. Congress recently advanced bipartisan law to establish clearer crypto regulations, but the SEC has come closer to a heavy-duty approach by suspending several lawsuits against major crypto companies. It's there.
Additionally, the Treasury has shown openness to surveillance for Stablecoin, and lawmakers continue to seek clarity in regulations to prevent innovation from moving offshore.
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