Previously, at the request of the Commission, trading floors reported on assets on behalf of clients. Now the regulator plans to oblige exchanges to bear responsibility for clients’ assets. Thus, from now on, they must register clients’ cryptocurrencies as assets, and their liabilities as liabilities. The aim is to provide a consistent and transparent accounting method. As a result, greater control over the circulation of crypto assets on registered exchanges.
Some analysts noted that the new requirements will lead to an increase in corporate accounts of publicly traded companies that are registered with the SEC. For example, Coinbase holds $278 billion in client digital assets, but the actual trading platform liabilities in a corporate account are now just over $21 billion.
Recall that in 2021, the United States called on the Financial Accounting Standards Board to develop reporting requirements for companies with investments in cryptocurrencies.
Earlier, Gensler urged Congress to clarify the regulation of bitcoin exchanges. He later stated that the latter must comply with investor protection requirements similar to those applied in the equity and derivatives markets.
In January 2022, the SEC promised increased oversight of bitcoin exchanges, and the new law is the first such document on the way to regulating the work with crypto assets.
Source: ixbt
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