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BNY Mellon Bitcoin ETH Funds Are Not Subject to SAB 121
- BNY Mellon, the largest custodian bank in the world, announced that it is exempt from the SAB 121 rule from the SEC.
- This exemption relieves BNY of the obligation to recognize crypto assets on its balance sheet.
- The exemption reduces overhead costs and makes it easier for BNY to offer custody services for Bitcoin and Ether ETPs.
- Further details are expected to be announced.
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