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BNY Mellon, $2 Trillion Custodian, First to Secure SEC Approval for Bitcoin Custody

Sep 20, 2024, 06:08 PM

BNY Mellon, the largest custodian bank in the United States with $2 trillion in assets, has received SEC approval to offer Bitcoin and crypto custody services. This makes BNY Mellon the first institution in the U.S. to receive an exemption from the SAB 121 accounting rule change. The approval is seen as a significant development in the institutional adoption of cryptocurrency, potentially paving the way for other major banks to follow suit. Michael Saylor has commented on circulating credible rumors that more U.S. banks will soon be able to custody Bitcoin. The news broke during a Wyoming Select Committee meeting on Blockchain Innovation.