BNY Mellon Gets SEC Green Light for Institutional Crypto Custody, Breaking Barriers

Quick Summary:

It was testified to the fact that in a major development for banks entering the institutional crypto custody space, the largest custodian bank in the US, BNY Mellon, reportedly got an exemption from adhering to the SEC’s SAB 121 accounting guidelines specifically for its institutional crypto custody operations.

It is not clear, however, whether a formal non-objection letter from the Fed was required since two supervisory letters from 2022 and 2023, SR 22-6 and SR 23-7 do not make it clear prior approval is needed to engage in crypto custody.

Office of Comptroller of the Currency requires such a letter for national banks before engaging in crypto custody activity.

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Article Details

Author / Journalist: Teuta

Category: Crypto

Markets: IndiaCroatia

Topics: 24/7 Cryptocurrency News Bitcoin News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-20 @ 20:11:01 (6 days ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 902 words

Reading Time: 6 minutes read

Sentences: 42 lines

Sentence Length: 22 words per sentence (average)

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Copyright Owner: © CoinGape

News ID: 22625697

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