Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

SEC Allows Some Companies to Avoid Controversial Cryptocurrency Accounting Notice

CointimeCointime2024/07/12 01:52
By:Cointime

On July 12th, according to sources, some companies and financial institutions have made some business requests, and the staff of the US SEC agreed that these requests would allow them to not be bound by controversial cryptocurrency accounting guidance. Since the release of SAB 121 in March 2022, after a large number of cryptocurrency industry bankruptcies, companies have been seeking advice from the SEC to develop new policies and procedures related to cryptocurrency. The sources added that SAB 121 itself has not changed.

An SEC source said: "There are many unresolved issues about how the laws on these matters will be enacted in April 2022, and we have seen many participants in the cryptocurrency industry being careless in providing these services, harming many customers." The sources added that companies have now demonstrated that certain procedures and technologies they have set up allow customers to retrieve their cryptocurrency in the event of bankruptcy, just like any other asset (such as US dollars), and therefore do not have to comply with the obligations stipulated in SAB 121.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

Altcoins Moving Up: They Outperformed Bitcoin and Ethereum – Analysts Assessed the Situation

Following the FED's interest rate decision, it was observed that the market values of altcoins increased more than that of Bitcoin.

Bitcoinsistemi2024/09/21 06:21