SEC Reporting Guidance Poses Challenges For Crypto-Assets – Law360


By Gabriel Benincasa and Barbra Parlin (June 2, 2022, 5:10 PM EDT) — Three recent proposals from the U.S. Securities and Exchange Commission impose new and potentially problematic reporting requirements on the crypto and digital asset industry.

The merits of these proposals may be debatable, but it’s become apparent to those closely watching the SEC’s actions regarding cryptocurrency that Staff Accounting Bulletin 121 is challenging for all reporting companies engaging in digital asset custodial activity.

For financial institutions, digital platforms and their crypto-holding customers, SAB 121 is extremely problematic. One need look no further than the Form 10-Q that Coinbase Global Inc. released on May 10, and the subsequent tweets by CEO Brian Armstrong,…

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