đąăNew trends in the blockchain industry: Bank of New York Mellon obtains SEC exemption to promote cryptocurrency custody businessă
Hello everyone! Today we are going to talk about an exciting new trend in the blockchain industry. On September 20, 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 SAB 121 accounting standard of the U.S. Securities and Exchange Commission (SEC) for its institutional cryptocurrency custody business. This is big news!
First, let's understand the background. SAB 121 is an accounting standard of the SEC that mainly involves accounting treatment and disclosure requirements for digital assets. For those institutions that want to enter the cryptocurrency custody business, this standard may bring some challenges and restrictions. However, Bank of New York Mellon has successfully obtained an exemption, which means that they will have more flexibility and possibilities in the cryptocurrency custody business.
Chris Land, general counsel of U.S. Senator Cynthia Lummis (R-WY), stated in public testimony that the SEC and other possible regulators have provided Bank of New York Mellon with a green channel for institutional digital asset custody services. Land also mentioned: "Bank of New York Mellon is looking to get more deeply involved in the cryptocurrency custody business. They have had some problems with SAB 121, and the SEC has apparently given them some kind of exemption so that they can move forward."
This is undoubtedly a positive signal for the entire blockchain and cryptocurrency industry. As one of the largest custodian banks in the United States, Bank of New York Mellon's entry into the cryptocurrency custody business may drive the participation of more traditional financial institutions. This will not only help enhance market trust, but may also promote the further development of the entire industry.
Of course, we must also maintain a neutral attitude, after all, the cryptocurrency market itself is full of uncertainty and volatility. Despite such an exemption, Bank of New York Mellon will still face various challenges and risks in the future business advancement.
So, what do you think of this news? What impact do you think this move by Bank of New York Mellon will have on the cryptocurrency market?Feel free to share your views and opinions in the comments section, let's discuss together! đ
In short, the news that Bank of New York Mellon has obtained SEC exemption has undoubtedly injected a shot in the arm for the cryptocurrency custody business. In the future, we will continue to pay attention to the developments in this field and look forward to more innovations and breakthroughs!