America’s Oldest Bank Expects Crypto to Become Major Source of Revenue By 2023
The oldest bank of the United States, Bank of New York Mellon Corporation (BNY Mellon) is excited about the current cryptocurrency revolution, yet holds some reservations related to concerns that the U.S. government has snubbed regulatory clarity.
Speaking with Reuters, BNY Mellon Chief Financial Officer Emily Portney said that the company expects digital assets to become a significant revenue source by 2023. She said:
“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.”
In the interview with Reuters, Portney also noted:
“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.”
BNY Mellon has recently partnered with financial technology firm Fireblocks.
The post America’s Oldest Bank Expects Crypto to Become Major Source of Revenue By 2023 appeared first on iGaming.org.
Source: igaming
