BNY Mellon و BTC: لماذا السوق صامت

The recent announcement that BNY Mellon plans to support cryptocurrencies from 2021 has caused a lot of controversy. In theory, this news was supposed to be the key to the rapid growth of demand for Bitcoin. But it didn't happen. What's going on?

There are several answers to this question

Last week brought a lot of positive news. For example, Tesla's $1.5 billion investment. First, the cryptosphere was high, and then the enthusiasm was gone. Many began to ask themselves. What's the catch?

These sentiments were especially intensified at the end of the week, when the decision to hold cryptocurrency was announced by the oldest U.S. bank. The market just froze in anticipation. In theory, this is important news for the cryptosphere. Why didn't it become a support for cryptocurrencies?

  • First, BNY Mellon is not as high-tech as Tesla and SpaceX with their eccentric creator Elon Musk. BNY Mellon is a good old bank with its classic foundations. The news about BNY was simply lost amid reports of BTC, Tesla and DOGE.
  • Secondly, unlike Tesla, it will be more difficult to add Bitcoins to the BNY Mellon asset list. The bank is part of the traditional finance system. And traditional finances are not very friendly with crypto.
  • Thirdly, the addition of cryptocurrencies inevitably raises the issue of regulation. Perhaps that is why the rest of the market is cautious.

This is indirectly confirmed by Cryptomama, Commissioner Pierce, who said that the bank's statement raises many questions for the regulator. On one hand, providers of custodial services get huge prospects with the introduction of cryptocurrencies.

On the other hand, BNY Mellon will be covered by dozens and hundreds of banks, and not all of them will be able to maintain high standards of work in the cryptosphere. We need to bring regulatory clarity to this issue, provide resources for verification and support to cope with the large influx of interest in Bitcoins.

As soon as the regulation becomes clearer, most U.S. banks will have Lost Profits Syndrome (FOMO). They will massively introduce digital assets on their platforms. Therefore, we need to do some serious training now.

Speaking about the cryptosphere, Pierce also spoke about another issue - uncertainty in the DeFi sphere. She believes that the U.S. needs a safe harbor (sandbox) for cryptocurrencies.

We need to give DeFi projects 1-2 years. Before the regulator starts legal proceedings and all sorts of prosecutions. During this time, you can put the case in order and work in the legal field.

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