**BNY Mellon Steps into Crypto Custody: SEC Loosens Reins**
Hold onto your digital wallets, folks! đ The Bank of New York Mellon (BNY) is gearing up to offer custody services for Bitcoin and Ether ETFs after the SEC gave it a thumbs-up, bypassing the pesky SAB 121 accounting guidelines.
- **SEC's New Stance:** The SEC's Office of the Chief Accountant reviewed and concluded BNY doesn't need to follow SAB 121, which has been a thorn in the crypto industry's side.
- **What's SAB 121?** It requires companies to list client crypto assets as liabilitiesâa rule that's caused quite a stir since April 2022.
Other banks might get the same break, hinting at a friendlier regulatory environment. BNY is also engaging with other regulators to roll out these services at scale.
Got thoughts on this crypto custody move? Drop your comments below! đŹ