Official financial reports from Goldman Sachs or major financial news outlets

Banks, Including BNY Mellon, State Street, and Goldman Sachs, Approved to Custody Cryptocurrencies

Sep 26, 2024, 09:38 PM

Banks have been approved to custody cryptocurrencies, marking a significant development for the crypto industry. This move is expected to bring cryptocurrencies closer to mainstream adoption. The approval includes major financial institutions such as BNY Mellon, State Street, and Goldman Sachs. BNY Mellon, the largest custodian bank in the world with $50 Trillion in assets, received approval from the SEC to offer crypto custody services beyond ETFs. This development also indicates progress in allowing banks to avoid the requirements of SAB 121, which previously limited their ability to custody digital assets. The approval is seen as a monumental step for the industry, potentially leading to broader institutional adoption.