BNY Mellon Receives SEC Exemption for Crypto Custody Services

According to Odaily, during a public testimony before the Wyoming Blockchain, Financial Technology, and Digital Innovation Technology Special Committee, it was confirmed that BNY Mellon, the largest custodian bank in the United States, has received an exemption from the SEC's SAB 121 accounting standards for its institutional cryptocurrency custody business. Chris Land, General Counsel to U.S. Senator Cynthia Lummis (R-WY), testified that the SEC and potentially other regulatory bodies have cleared the way for BNY Mellon to provide institutional digital asset custody services. Land stated, 'BNY Mellon is seeking deeper involvement in cryptocurrency custody services. They encountered some issues with SAB 121, and the SEC has evidently granted them some form of exemption to allow them to proceed.'