AICPA Digital Asset Reporting Guide Punts on Lending Transactions
A working group of the AICPA—which develops a practice aid related to crypto accounting—decided not to directly address a recent …
Senate Democrats Push for PCAOB Inspection of Audits of Crypto Firms Acting as Broker-Dealers
Two Senate Democrats on Jan. 25, 2023, pressed PCAOB Chair Erica Williams on whether the board will inspect auditors of …
Refresher: Infrastructure and Investment Jobs Act’s Crypto Reporting Requirements
This article is in collaboration with Ledgible. Crypto reporting requirements under the Infrastructure and Investment Jobs Act (PL 117-58), enacted November …
Senate Agriculture Chair Downplays CFTC-Focus of Crypto Bill
Senate Agriculture Committee Chair Debbie Stabenow on Dec. 1, 2022, pushed back against critics who warn her proposed cryptocurrency framework …
Wyden Presses Crypto Exchanges on Customer Protection
In the wake of a high-profile cryptocurrency exchange’s fall from grace, the Senate’s top tax writer is seeking answers from …
FTX Collapse: Expect Loss Deductions, But Not Soon
This article is a collaboration with Ledgible. Taxpayers anticipating investment loss deductions from a crypto giant’s bankruptcy will need to …
Republican House Control Sets up New Headaches for SEC
Republicans clinched a narrow House majority this week, lining up Representative Patrick McHenry as the presumptive next chair of the …
U.S. Accounting Rulemakers Agree That Crypto Assets Should be Measured at Fair Value
Cryptocurrencies – tokens like Bitcoin and Ethereum – should be measured at fair market value as that reflects the underlying …
Senate Bill Establish Temporary SEC Safe Harbor for Crypto Exchanges
A Senate Republican on Sept. 29, 2022, introduced legislation that would create a temporary safe harbor from SEC enforcement actions …
U.S. Accounting Rulemakers Pressed Overseas About Feds’ View of Crypto Project
The FASB was asked during a joint discussion with the International Accounting Standards Board (IASB) whether the board “touched base” …