ON SEMICONDUCTOR CORPORATION

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U.S. regulators must provide more clarity on crypto rules, says BNY Mellon CFO

01/18/2022 | 12:35pm EDT
FILE PHOTO: A representation of the virtual cryptocurrency Bitcoin

WASHINGTON (Reuters) - U.S. regulators need to provide more clarity on the rules of the road for cryptocurrencies and other digital assets amid ongoing confusion over what activities are allowed, a top banking executive said on Tuesday.

"We're hoping for more clarity around digital assets," Emily Portney, chief financial officer for Bank of New (BNY) York Mellon Corp, the country's tenth largest lender, told Reuters in an interview.

"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," said Portney, speaking after the bank posted a 17% rise in fourth quarter profits.

Portney's comments highlight growing frustration among banking industry executives as U.S. President Joe Biden's regulators have taken a cautious approach to digital assets. With cryptocurrencies surpassing $3 trillion in November, banks are keen to enter the space but many feel they cannot launch new products or expand existing offerings until the rules are clearer.

BNY Mellon, which specializes in holding and servicing assets on behalf of clients, in February announced it was developing a custody and administration platform for digital assets.

The Office of the Comptroller of the Currency (OCC) said in November that banks must obtain written permission from their bank supervisors before engaging in cryptocurrency-related activities, including custody services, a reversal from the Trump administration's policy which gave banks permission to provide crypto custody services.

The OCC and other regulators are engaged in a "policy sprint" to understand where to offer regulatory clarity for banks on cryptocurrencies. That effort will likely inform new guidance or rules, which could be released as soon as this year.

"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," said Portney.

(Reporting by Michelle Price; additional reporting by Hannah Lang; Editing by Marguerita Choy)

By Michelle Price


© Reuters 2022
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Financials (USD)
Sales 2022 7 995 M - -
Net income 2022 2 077 M - -
Net Debt 2022 316 M - -
P/E ratio 2022 12,1x
Yield 2022 -
Capitalization 24 258 M 24 258 M -
EV / Sales 2022 3,07x
EV / Sales 2023 2,75x
Nbr of Employees 31 650
Free-Float 71,4%
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Mean consensus BUY
Number of Analysts 29
Last Close Price 55,83 $
Average target price 72,44 $
Spread / Average Target 29,8%
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Managers and Directors
Hassane El-Khoury President, Chief Executive Officer & Director
Sam Thad Trent Chief Financial Officer, Treasurer & Executive VP
Alan Campbell Director
Johannes M. C. Stork Chief Technology Officer & Senior Vice President
Wei-Chung Wang Executive VP-Global Manufacturing & Operations
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