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

2024-09-25 08:53:38
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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.

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.
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