ChainCatcher reported that according to Un Chained Crypto, Bank of New York Mellon (BNY), the largest custodian bank in the United States, confirmed in public testimony before the Wyoming Special Committee on Blockchain, Financial Technology and Digital Innovation Technology that it had obtained an "exemption" from the SAB 121 accounting standards of the U.S. Securities and Exchange Commission (SEC).

Chris Land, general counsel to U.S. Senator Cynthia Lummis, said that the SEC and other regulators have cleared the way for Bank of New York Mellon to provide institutional digital asset custody services. Land said that Bank of New York Mellon is seeking to get more deeply involved in the cryptocurrency custody business, and the SEC has given them some kind of exemption to move forward.

SEC Chief Accountant Paul Munter revealed that the agency has granted some SAB 121 exemptions, mainly finding that the rule does not apply to certain entities if certain conditions are met.