BNY Mellon to Offer Bitcoin Custody Services for ETF Customers Following SEC Policy Shift

On September 25, COINOTAG reports that the Bank of New York Mellon (BNY) is set to offer custody services for Bitcoin and Ethereum to its ETF clients. This development follows the U.S. Securities and Exchange Commission (SEC) easing compliance requirements related to contentious cryptocurrency accounting standards. Earlier this year, a review by the SEC Chief Accounting Office concluded that banks are not required to adhere to staff accounting bulletin SAB 121. Notably, SAB 121 mandates that companies list customer cryptocurrency assets as liabilities, a stipulation that has posed significant challenges for the U.S. crypto industry since its introduction in April 2022. The shift signifies a milestone for financial institutions looking to expand their digital asset services.