BNY Mellon becomes first bank to receive SEC crypto accounting policy SAB 121 exemption

According to Mars Finance, in public testimony before the Wyoming Special Committee on Blockchain, Financial Technology and Digital Innovation Technology, Bank of New York Mellon (BNY), the largest custodian bank in the United States, was confirmed to have obtained an "exemption" from the U.S. Securities and Exchange Commission (SEC) SAB 121 accounting standards 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 Bank of New York Mellon to provide institutional digital asset custody services. Land said: "Bank of New York 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."