BNY Mellon, a major global asset custodian, secured approval from the U.S. Securities and Exchange Commission (SEC) to provide Bitcoin and other digital asset custody services, on September 20, 2024. The approval allows the $49 trillion asset custodian to hold not only Bitcoin but also various digital assets.
The SEC granted BNY Mellon a variance from Staff Accounting Bulletin (SAB) 121. This regulation initially posed challenges for banks wanting to enter the crypto custody space, requiring them to list digital assets as liabilities on their balance sheets.
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