TechFlow news, September 20 — According to UnChained Crypto, the Bank of New York Mellon (BNY), the largest custody bank in the United States, has been confirmed as the first bank to receive an exemption from the U.S. Securities and Exchange Commission's (SEC) SAB 121 crypto accounting guidelines. The information was disclosed during a public hearing held by Wyoming’s Special Committee on Blockchain, Financial Technology, and Digital Innovation Technology.
Chris Land, General Counsel to U.S. Senator Cynthia Lummis, stated in his testimony: "The Bank of New York Mellon is seeking deeper involvement in crypto custody services. They encountered certain issues regarding SAB 121, and the SEC has granted them some form of exemption to move forward with their operations."
Previously, Paul Munter, the SEC’s Chief Accountant, revealed that the agency had granted SAB 121 exemptions to certain entities, primarily those meeting specific criteria. SAB 121 requires entities holding crypto assets in custody to report these assets on their balance sheets and establish corresponding equivalent liabilities.
