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BNY Mellon Cleared For Bitcoin Custody And Institutional Crypto Services

  • BNY Mellon has received an exemption from the SEC's Staff Accounting Bulletin 121, allowing the bank to get involved in the crypto custody business.
  • The exemption could pave the way for other financial institutions to explore similar opportunities.
  • BNY Mellon's entry into the digital asset custody sector requires approval from the Federal Reserve, with certain regulatory requirements still unclear.
  • The SEC's exemption has raised concerns of regulatory favoritism among other crypto firms.

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