According to BlockBeats, on September 25, Bank of New York Mellon (BNY) is moving towards providing custody services for Bitcoin and Ethereum to its exchange-traded fund (ETF) clients after the U.S. Securities and Exchange Commission (SEC) relaxed requirements for compliance with controversial cryptocurrency accounting standards.
The SECâs Office of the Chief Accounting Officer concluded in a review earlier this year that banks do not need to comply with SAB 121, the SECâs staff accounting bulletin.
SAB 121 requires companies to list customer crypto assets they protect as liabilities in their accounting. It has been a headache for the U.S. crypto industry since its introduction in April 2022.
