US Regulators Will Closely Observe Crypto Industry This Year

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The US regulators, including the SEC, the Financial Accounting Standards Board (FASB) and the IRS are cooperating in order to closely observe the crypto market this year.

Last December 14, the Financial Accounting Standards Board held talks about new accounting and disclosure requirements for all entities that hold any kind of digital assets in their financial statements. According to reports, the proposed rules are scheduled to be issued any time in the first 6 months of the year.

In addition, the Securities and Exchange Commission (SEC) has made public a letter in which it has urged companies to consider in their disclosures “the need to address crypto asset market developments in their filings generally, including in their business descriptions, risk factors, and management’s discussion and analysis.”