BlockBeats news, on September 27, according to Bloomberg, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said that BNY Mellon’s digital asset custody service structure can be applied to cryptocurrencies other than Bitcoin and Ethereum ETFs. The bank’s proposed structure includes the use of personal crypto wallets, each corresponding to a separate bank account, and prohibiting commingling with bank assets.

Bank of New York Mellon has submitted Bitcoin and Ethereum custody plans to the SEC’s Office of the Chief Accountant to protect customer funds in the event of a bank failure. The SEC expressed “no objection” to the plan, meaning the structure would not violate SEC rules requiring banks to reflect the value of digital assets under custody on their balance sheets.

Bank of New York Mellon has previously become the first bank to obtain an exemption from the SEC’s crypto accounting policy SAB 121.

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