Will Biden Get the Final Say Over a Controversial Crypto Accounting Rule?
Critics of SAB 121, introduced in March 2022, have called the rule “obscure,” a “diktat” and a “pernicious weed.”
Accounting
House Votes to Erase SEC Crypto Policy While President Biden Vows Veto
The U.S. House of Representatives is poised to vote on a resolution Wednesday to reject the Securities and Exchange Commission (SEC) cryptocurrency accounting guidance that the industry said has deterred banks from handling crypto customers, but President Joe Biden is already promising he’ll veto the effort if it hits his desk.
U.S. Lawmakers Seek to Overturn SEC’s Crypto Accounting Policy
Members of Congress are trying to delete the controversial U.S. Securities and Exchange Commission accounting bulletin that implies restrictions on companies that want to hold their customer’s crypto assets.
Crypto Accounting and Tax Reporting Platform TRES Raises $11M to Add New Blockchains
TRES currently services clients with combined assets worth $19 billion, helping them manage, monitor and reconcile their digital asset activity across over 100 layer-1 and layer 2-blockchain networks
U.S. SEC’s Knock From Congressional Watchdog May Not Budge Crypto Accounting Policy
As the U.S. Securities and Exchange Commission (SEC) Chair keeps chasing non-compliance in crypto, his agency was slammed by the watchdog Government Accountability Office (GAO) for its own compliance failure in issuing crypto accounting standards without treating the policy as a formal rule. So, what now? In practical terms, probably nothing much.
U.S. SEC Messed Up in Handling Contentious Crypto Accounting Bulletin: GAO
The U.S. Securities and Exchange Commission (SEC) was out of bounds when it issued its controversial “Staff Accounting Bulletin 121,” according to the Government Accountability Office (GAO). The 2022 guidance, which the industry says threatens crypto investors’ ability to find safe harbors for their assets, should have been treated as a formal rule, the GAO concluded in a report issued on Tuesday.
FASB Says Crypto Assets Should Be Marked at Current Values
The first U.S. accounting rule specifically for cryptocurrency will say that companies must use a fair-value approach that would demand certain digital assets be measured at what they would trade for in the markets, according to the Financial Accounting Standards Board (FASB).