Bank

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Bitcoin

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<ul class="wp-block-list news-points">
 <li><strong>BNY has received a variance from following the SEC’s SAB 121 accounting guidelines.</strong></li>
 <li><strong>The variance would allow BNY to custody Bitcoin as part of its business operations.</strong></li>
 <li><strong>BNY’s recent achievement is a bullish development for the crypto industry.</strong></li>
</ul>
<p>The Bank of New York (BNY) has received a variance by following the SEC’s Staff Accounting Bulletin No. 121 (SAB 121) guidelines, according to the host of the Thinking Crypto podcast. This variance will allow BNY to hold Bitcoin as part of its business operations.</p>
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   <p lang="en" dir="ltr">BNY, America’s largest custodian bank, was identified as having received a “variance” from following the SEC’s SAB 121 accounting guidelines for its institutional crypto custody business.<br><br>As part of a broader federal update on Monday, Chris Land, general counsel for U.S. Senator… <a href="https://t.co/40XN9f00dd" target="_blank" rel="noopener noreferrer nofollow">https://t.co/40XN9f00dd</a></p>— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) <a href="https://twitter.com/ThinkingCrypto1/status/1837204595828736380?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 20, 2024</a>
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<p>The crypto analyst mentioned that Chris Land, general counsel for U.S. Senator Cynthia Lummis, testified last Monday that the SEC and possibly other regulators have given BNY the go-ahead to offer institutional custody for digital assets.</p>
<h2 class="wp-block-heading" id="h-sab-121-a-closer-look">SAB 121: A Closer Look</h2>
<p>S…</p>
<p>The post <a href="https://coinedition.com/bank-of-new-york-wins-sec-approval-to-hold-bitcoin-crypto-surges/" rel="noopener noreferrer nofollow">Bank of New York Wins SEC Approval to Hold Bitcoin, Crypto Surges</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.</p>

Bank of New York Wins SEC Approval to Hold Bitcoin, Crypto Surges

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