[Bank of New York Mellon becomes the first bank to obtain an exemption from the US SEC's crypto accounting policy SAB 121] September 20th news, according to Un Chained Crypto, in public testimony before the Wyoming Special Committee on Blockchain, Financial Technology and Digital Innovation Technology, the largest custodian bank in the United States, Bank of New York Mellon (BNY), was confirmed to have obtained an "exemption" from the SAB 121 accounting standards of the US Securities and Exchange Commission (SEC) from its institutional cryptocurrency custody business. This will be a huge breakthrough for banks looking to get involved in the institutional cryptocurrency custody business. As part of a broader federal update on Monday, 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 Bank of New York Mellon to provide institutional digital asset custody services. Land said in his testimony: "The Bank of New York Mellon is looking to get more deeply involved in the cryptocurrency custody business, and they have had some problems with Accounting Bulletin (SAB) 121, and the SEC has apparently granted them some kind of exemption so that they can move forward." Earlier, SEC Chief Accountant Paul Munter unexpectedly revealed in a speech 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. Munter said that a bank, several brokerage firms, and other entities that use blockchain to track and transfer traditional financial assets have been exempted, but he did not specify the names of these entities.