Bank of New York Mellon may provide custody services for cryptocurrency ETFs

ChainCatcher news, Bank of New York Mellon (BNY) is moving towards providing custody services for Bitcoin and Ethereum for its exchange-traded fund (ETF) clients, following the U.S. Securities and Exchange Commission (SEC) easing its requirements regarding compliance with controversial cryptocurrency accounting standards.

The SEC's Office of the Chief Accountant concluded earlier this year that banks do not need to comply with the SEC's Staff Accounting Bulletin SAB 121.

SAB 121 requires companies to classify their safeguarded customer crypto assets as liabilities in their accounting. This has been a challenge for the U.S. crypto industry since its introduction in April 2022.