Bank of New York Mellon (BNY) is moving forward with offering Bitcoin and Ethereum custody to its exchange-traded fund (ETF) clients after a review by the Securities Exchange Commission (SEC) decided that BNY is not required to comply with controversial cryptoasset accounting rule SAB 121. Since its introduction in 2022, SAB 121 has been putting pressure on the crypto industry by requiring companies custodial crypto assets to book them as liabilities. The SEC said banks such as BNY, which still needs approval from other regulators before it can officially offer services, have robust enough customer protections to allow them to be accounted for in line with traditional custodial arrangements.