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Topic: American banks require permission from the SEC to store cryptocurrency - page 2. (Read 216 times)

legendary
Activity: 1680
Merit: 1853
#SWGT CERTIK Audited
I don’t know whether American banks can act as a custodian for Bitcoin or what licenses are needed to do so, but an increase in custodial custodians will increase the security of storing cryptocurrencies. Bitcoin ETF is not the last cryptocurrency ETF in the US.
This is the strangest thing I've ever heard!!! How will US banks be able to act as custodians of Bitcoin? There is a complete contradiction between the concept of Bitcoin and the concept of banks from the peak of decentralization to the peak of centralization!!! But this is always the case in Uncle Sam's country Huh.

In any case, it may be true that increasing the number of custodians would increase the security of storing cryptocurrencies, but it would expose the entire concept of decentralization and privacy to danger.

I expect that this is the most dangerous thing that ETF has brought to us, the transfer of Bitcoin to centralization. Instead of investors keeping their Bitcoin in their wallets, these central companies and banks will keep it and give them worthless shares.
copper member
Activity: 1988
Merit: 905
Part of AOBT - English Translator to Indonesia
If Coinbase holds majority of ETF and bank bitcoin do you think this gonna be to centralized? To be honest I like when bitcoin Etf got approved but when all just use coinbase it will be too centralized in my opinion and when something bad happen the domino effect would likely to happen.

and of course everyone want the slice of bitcoin pie hahaha
legendary
Activity: 1736
Merit: 4270
https://www.aba.com/-/media/documents/letters-to-congress-and-regulators/jointclsec20240214.pdf


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American banks also want to make money from this. And now Coinbase holds a huge portion of the cryptocurrencies for the spot Bitcoin ETF.

I don’t know whether American banks can act as a custodian for Bitcoin or what licenses are needed to do so, but an increase in custodial custodians will increase the security of storing cryptocurrencies. Bitcoin ETF is not the last cryptocurrency ETF in the US.
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