On September 20th, according to Un Chained Crypto, in public testimony before the Wyoming Special Committee on Blockchain, Financial Technology and Digital Innovation Technology, Bank of New York Mellon (BNY), the largest custodian bank in the United States, was confirmed to have received an "exemption" from the Securities Exchange Commission (SEC) SAB 121 accounting standard from its institutional cryptocurrency custodian business. This would be a huge breakthrough for banks looking to get involved in institutional cryptocurrency custodian business. As part of a broader federal update on Monday, Chris Land, general counsel for U.S. Senator Cynthia Lummis (R-WY), testified that the SEC, and possibly other regulators, have cleared the way for BNY Mellon to offer institutional digital asset custody services. "BNY Mellon is looking to get more deeply involved in the crypto custody business, and they've had some issues with Accounting Bulletin (SAB) 121, and the SEC has apparently granted them some sort of waiver so they can move forward," Land said in his testimony. The move comes after the SEC's chief accountant, Paul Munter, unexpectedly revealed in a speech that the agency has granted exemptions to some SAB 121, largely finding that the rule does not apply to certain entities if certain conditions are met. Munter said that a bank, several brokerage firms, and other entities that use blockchain to track and transfer traditional financial assets have been exempted, but he did not specify the names of these entities.