Odaily Planet Daily News According to public testimony at the Wyoming Special Committee on Blockchain, Financial Technology and Digital Innovation Technology, the 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 standards of the U.S. Securities and Exchange Commission (SEC) for its institutional cryptocurrency custody business. 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 BNY Mellon to provide institutional digital asset custody services. Land said: "BNY Mellon is seeking to get more deeply involved in the cryptocurrency custody business, and they have encountered some problems with Accounting Bulletin (SAB) 121, and the SEC has apparently given them some kind of exemption so that they can move forward." (Un Chained Crypto)