New SEC steering on accounting and disclosures rankles Commissioner Peirce
United States corporations that safeguard their shoppers’ crypto-assets obtained new accounting steering Thursday within the type of a Securities and Alternate Fee, or SEC, Workers Accounting Bulletin. The steering bought a robust response from SEC Commissioner Hester Peirce, a steadfast crypto advocate.
Workers Accounting Bulletin 121 famous the excessive technological, authorized and regulatory dangers related to the custody of crypto-assets relative to conventional belongings. These dangers influence the operations and monetary situation of corporations equivalent to Coinbase (NASDAQ:), PayPal (NASDAQ:) and Robinhood (NASDAQ:), which safeguard customers’ crypto-assets and permit the customers to commerce them on their platforms. Because of this, corporations are suggested to checklist their customers’ belongings on their books as liabilities in addition to belongings at their honest worth at preliminary recognition.
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