The Bank of New York (BNY) has received approval from the SEC under Staff Accounting Bulletin No. 121 (SAB 121) guidelines, allowing it to custody Bitcoin as part of its business operations.
SEC Approval
The Bank of New York, America's largest custodian bank, has been granted a 'variance' to follow SAB 121 guidelines by the SEC for its institutional crypto custody business.
Role of SAB 121
SAB 121 provides guidelines on accounting and reporting that companies must apply in their operations with digital assets. This document helps ensure compliance with legal and financial requirements.
Impact on the Crypto Industry
BNY's recent achievement is seen as a positive development for the crypto industry, as it may enhance trust in cryptocurrencies and their integration into the financial system.
SEC approval is a significant step for BNY and the entire crypto industry, as it may open new opportunities for the use of Bitcoin and other digital assets.
Comments