Fourteen years after Bitcoin’s genesis block launched a profound disruption in financial services and other industries through the rise of blockchain technology, United States authorities are finally becoming more interested in cryptocurrencies’ future and economic impact. On Dec. 14, the Financial Accounting Standards Board discussed new accounting and disclosure requirements for entities holding crypto assets in financial statements, following an agenda consultation with investors — the first in five years. The proposed rules are expected to be issued in the first half of 2023. A few days earlier, the Securities and Exchange Commission delivered a sample letter regarding the recent developments in the crypto markets, asking 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.” The changes are set to be felt by many players in the crypto and financial services industries, according to legal specialists. “It should have a multi-pronged and ultimately profound macro and micro impact on financial markets generally and the crypto industry specifically,” said Mark Kornfeld, securities and financial fraud shareholder at the law firm Buchanan Ingersol and Rooney.
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