Bitcoin

PlayDapp

Read

Financial advocacy organizations are urging the SEC to amend current accounting rules that increase the financial burden on American banks managing crypto assets for clients. 
The call for change is underlined by bipartisan efforts from Congress members, who also advocate for revocation of these accounting standards. A consortium of industry groups, including the American Bankers Association and the Securities Industry and Financial Markets Association, formally addressed the SEC in a letter, as revealed by <a href="https://www.bloomberg.com/news/articles/2024-02-15/as-bitcoin-rallies-banks-push-sec-to-change-an-accounting-guideline-sab-121?utm_source=telegram&amp;utm_content=crypto&amp;utm_medium=social" data-type="link" data-id="https://www.bloomberg.com/news/articles/2024-02-15/as-bitcoin-rallies-banks-push-sec-to-change-an-accounting-guideline-sab-121?utm_source=telegram&amp;utm_content=crypto&amp;utm_medium=social" target="_blank" rel="noopener">Bloomberg</a>, requesting specific alterations to the regulations. 
 You might also like: <a href="https://crypto.news/bitcoin-etfs-inflows-crypto-market-cap/"> Bitcoin ETFs see 14 consecutive days of net inflows as crypto market cap crosses $2t </a> 
Under the current guidelines, public entities, such as banks, must report cryptocurrencies in their custody as liabilities, requiring them to reserve equivalent assets to safeguard against potential losses and meet capital requirements. 
The coalition’s proposals to the <a href="https://crypto.news/bitcoin-etfs-inflows-crypto-market-cap/" data-type="link" data-id="https://crypto.news/bitcoin-etfs-inflows-crypto-market-cap/">SEC</a> include the removal of certain assets from the broad definition of cryptocurrencies, specifically those traditional assets that are documented or transferred via blockchain, such as tokenized deposits, and tokens that are part of SEC-sanctioned products, such as spot Bitcoin ETFs. 
The proposal also suggested that regulated banking institutions be exempt from the obligation to list crypto holdings as liabilities on their balance sheets while still mandating the disclosure of cryptocurrency-related operations in their financial reports. 
 Read more: <a href="https://crypto.news/playdapp-breach-hack-crypto-290-million/"> PlayDapp breach 8th largest hack in crypto history at $290m </a>

Finance groups urge SEC to revise crypto custody accounting rules

crypto.news

Các bài viết khác được xuất bản trên 15 thg 2, 2024

Bitcoin ETF Inflows Reach Record High: Will It Propel BTC $55K?

Wormhole Achieves Major Milestone in Cross-Chain Messaging

Crypto YouTuber Crypto Boy Provides Important Update on New Meme Coin With Potential to Be the Ne...

Bitcoin Price Fluctuations Continue as Market Dynamics Shift

Anonymous Tether (USDT) whale puts huge investment in cutting-edge Kelexo (KLXO) as Ethereum (ETH...

ETHDam Conference and Hackathon to Convene Leading Privacy and Security Innovators in Amsterdam

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!