reply on: How BitGo's operation is a legal exception, not the rule \ stacker news ~bitcoin

0 sats \ 4 replies \ @bitslinger 22 Sep \ on: How BitGo's operation is a legal exception, not the rule bitcoin

Would love to hear your thoughts on BNY Mellon getting SEC approval of some sort to custody Bitcoin on Friday. In reference to your conclusion, it seems more to do with the 'social aspect', as good as they may be at navigating regulation.

I don't know the relevant rules and regulations at play in the US, but it sounds like regulatory capture at play. While the Federal Reserve holds folks like Caitlin Long/Custodia at bay on a master fed account, incumbent banks enter the custody game.

10 sats \ 3 replies \ @_arshbot OP 23 Sep

You're reading the room correctly. Folks who think the Biden/Harris administration is unfriendly to crypto are frankly incorrect. They've signaled nothing but acceptance - so long as crypto lives in an institutional landscape with high barriers to entry.

There are pros and cons to that, but the signals they've put out are "we welcome the old players to the crypto game."

However, it's pretty clear these regulatory tools are being utilized as favors. BNY Melon being granted an explicit approval by Biden is interesting in context when you realize the same admin recently veto'd a resolution to overturn SAB-121.

Basically, the White House quite literally said keep the moat but let this guy through.