The Bank of New York Mellon is preparing to offer custody services for Bitcoin and Ethereum ETFs after the SEC exempted it from following the controversial SAB 121. This guideline, introduced in 2022, requires companies holding crypto assets for clients to record them as liabilities, a rule widely criticized within the crypto industry. The SEC's decision marks a shift, potentially allowing other financial institutions similar exemptions. BNY is now working with additional regulators to expand its crypto custody services. Despite ongoing controversy, including political and industry opposition to SAB 121, the SEC has largely upheld the guidance. Source: Cointelegraph
