SEC Approves Bank of New York Mellon to Provide Cryptocurrency Custodian Services

The Bank of New York Mellon, which manages more than $50 trillion in assets, has been granted custody of cryptocurrencies by the U.S. Securities and Exchange Commission (SEC).
According to cryptocurrency media WatcherGuru, SEC Chairman Gary Gensler said in a statement that the company had received approval to provide the service.
Regarding the approval of Bank of New York Mellon, the bank said, "The Bank of New York Mellon's crypto asset custody model can be applied to various digital assets, including Bitcoin and Ethereum.
Earlier in the market, the Bank of New York Mellon announced the SEC's Financial Institutions' Accounting Guidelines for Cryptocurrency Custody Obligations (SAB).
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