According to BlockBeats, on September 25, Bank of New York Mellon (BNY) is moving towards providing custody services for Bitcoin and Ethereum to its exchange-traded fund (ETF) clients after the U.S. Securities and Exchange Commission (SEC) relaxed requirements for compliance with controversial cryptocurrency accounting standards.

The SEC’s Office of the Chief Accounting Officer concluded in a review earlier this year that banks do not need to comply with the SEC’s staff accounting bulletin SAB 121.

SAB 121 requires companies to list customer crypto assets they protect as liabilities in their accounting. This has been a problem for the U.S. crypto industry since its introduction in April 2022. (Cointelegraph)

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