The Bank of New York Mellon (BNY Mellon) is preparing to offer custody services for Bitcoin and Ether in the form of exchange-traded products (ETPs).
The recent review by the U.S. Securities and Exchange Commission (SEC) indicated that BNY Mellon can treat the safeguarding of these crypto assets as not being part of its liabilities. This is because the ETFs will be held on third-party exchanges, allowing BNY Mellon to bypass the accounting requirements typically imposed by SAB 121, which usually mandates that banks recognize such assets on their balance sheets.
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