According to Odaily Planet Daily, in public testimony before the Wyoming Special Committee on Blockchain, Financial Technology and Digital Innovation Technology, Bank of New York Mellon (BNY), the largest custodian bank in the United States, was confirmed to have obtained an "exemption" from the U.S. Securities and Exchange Commission (SEC) 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 possibly other regulators have cleared the way for BNY Mellon to offer institutional digital asset custody services. Land said: "BNY Mellon was looking to get more deeply involved in the cryptocurrency custody business, and they had some issues with (Accounting Bulletin) (SAB) 121, and the SEC has apparently granted them some sort of exemption so that they can move forward."