07.11.24

SEC Allows Some Exceptions to Crypto Accounting Compliance

by: Amanda Iacone

The U.S. Securities and Exchange Commission (SEC) has opened a path for banks and brokerages to avoid reporting their customers’ crypto holdings on their balance sheets. But companies must offset risks those assets pose in order to bypass crypto accounting guidance that has become a target of Congress. SEC staff have are doling out guidance that certain arrangements may not require a liability to be reported on the balance sheet under staff guidance issued two years ago, said an SEC source familiar with the regulator’s approach.

Read the full article on Bloomberg Tax