• BNY has received a variance from following the SEC’s SAB 121 accounting guidelines.

• The variance would allow BNY to custody Bitcoin as part of its business operations.

• BNY’s recent achievement is a bullish development for the crypto industry.

The Bank of New York (BNY) has received a variance by following the SEC’s Staff Accounting Bulletin No. 121 (SAB 121) guidelines, according to the host of the Thinking Crypto podcast. This variance will allow BNY to hold Bitcoin as part of its business operations.

BNY, America’s largest custodian bank, was identified as having received a “variance” from following the SEC’s SAB 121 accounting guidelines for its institutional crypto custody business.

As part of a broader federal update on Monday, Chris Land, general counsel for U.S. Senator… https://t.co/40XN9f00dd

— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) September 20, 2024

The crypto analyst mentioned that Chris Land, general counsel for U.S. Senator Cynthia Lummis, testified last Monday that the SEC and possibly other regulators have given BNY the go-ahead to offer institutional custody for digital assets.

SAB 121: A Closer Look

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