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America&#39;s oldest bank, BNY Mellon, is nearing providing custodial services for ETF clients. This <a href="https://www.bloomberg.com/news/articles/2024-09-24/bny-plans-to-custody-crypto-for-etfs-after-sec-review" rel="noopener noreferrer nofollow">development</a> tracks a recent review by the Securities and Exchange Commission (SEC). The bank&#39;s foray into this market marks its growing involvement in digital assets and might change the scene for crypto ETF custody.<h2 id="header-0">SEC Review Clears Path</h2>The SEC’s Office of the Chief Accountant conducted a review earlier this year. This review allowed BNY Mellon to avoid treating the custody of crypto assets for its regulated ETF clients as a balance-sheet liability. The decision granted BNY Mellon an exemption from the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). This exemption opens the door for the bank to provide custody services for crypto ETFs.BNY Mellon’s entry into the <a href="https://cryptotale.org/the-legislative-push-to-overturn-secs-sab-121-and-unblock-bank-crypto-custody/" rel="noopener noreferrer nofollow">crypto custody</a> market challenges existing players. Bloomberg estimates the current market value at around $300 million, growing 30% annually. Coinbase currently dominates this space, offering custodial services to most U.S. spot Bitcoin ETFs, including the largest one issued by BlackRock. BNY Mellon’s involvement could disrupt Coinbase&#39;s market dominance.<a href="https://cryptotale.org/bny-mellon-nears-crypto-etf-custody-amid-sec-exemption/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information Website | Twitter | Telegram | Instagram |

BNY Mellon Nears Crypto ETF Custody Amid SEC Exemption

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