According to Mars Finance, BNY Mellon, the largest custodial bank in the United States, has received an exemption from the US Securities and Exchange Commission's (SEC) SAB 121 accounting standard for its institutional cryptocurrency custody business. This was confirmed during public testimony before Wyoming's Select Committee on Blockchain, Financial Technology, and Digital Innovation.

Chris Land, general counsel to US Senator Cynthia Lummis (R-WY), testified that the SEC, and potentially other regulatory bodies, have paved the way for BNY Mellon to offer institutional digital asset custody services. Land stated: “BNY Mellon is seeking to get more deeply involved in the custody of cryptocurrencies. They were running into some issues with [Accounting Standard] (SAB) 121, and the SEC apparently has given them some sort of exemption so they can move forward.”