America’s oldest bank is eager to capitalize on the cryptocurrency revolution but remains concerned that the government still has not provided regulatory clarity.
According to a new Bloomberg report, Bank of New York Mellon Corporation (BNY Mellon) chief financial officer Emily Portney says the holding company expects digital assets to act as a significant revenue source by 2023.
“There are proposals in front of the Securities and Exchange Commission that haven’t yet been approved on whether ETFs [exchange-traded funds] can actually hold digital assets directly versus futures.”
BNY Mellon is already moving forward into the crypto space by partnering with financial technology firm Fireblocks, which also recently announced a deal with interest-earning blockchain protocol Aave (AAVE) to launch the world’s first permissioned decentralized finance (DeFi) platform.
The BNY Mellon CFO reiterated how important it is for mainstream financial institutions to obtain clear definitions of what is permitted from the U.S. Securities and Exchange Commission (SEC) before offering crypto investment services to their clients.
Portney says in an interview with Reuters,
“We’re hoping for more clarity around digital assets.
Frankly, it’s a bit confusing about who actually regulates digital assets and especially crypto… and of course exactly what you can or cannot do.
A lot of the activity is happening in I guess what I would call the shadow banking system just because of the lack of clarity.”
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Saibarakova Ilona/Nikelser Kate