The Financial Accounting Standards Board (FASB) has recently adopted new accounting rules for Bitcoin, which will have a significant impact on corporate finance. These rules, effective from fiscal years beginning after December 15, 2024, introduce fair value accounting for Bitcoin, aligning its treatment with other financial assets.This move by the FASB represents a milestone in […]
As the U.S. Securities and Exchange Commission (SEC) reviews filings for spot Bitcoin exchange-traded funds (ETFs), it is insisting on a “cash” redemption model rather than alternative models proposed by issuers like BlackRock. Invesco, the latest ETF applicant, has now agreed to use a cash creation and redemption model for its ETF. The SEC has […]
Bitcoin and other cryptocurrencies may soon experience a surge in adoption by U.S.-based companies, thanks to a recent accounting rule change. The new rule allows companies to more accurately reflect the value of their crypto holdings on their accounting books. Previously, companies could only record impairment when the value of their crypto decreased, even if […]
Binance has submitted two key filings in response to an ongoing case launched by the U.S. Securities and Exchange Commission (SEC). The first filing seeks to dismiss the case, arguing that the SEC has not provided sufficient evidence that Binance tokens and services are securities or investment contracts. It also claims that the SEC’s claims […]
Crypto companies and institutions holding crypto assets in the United States will soon be able to record the value of their assets more accurately, thanks to new accounting rules set by the Financial Accounting Standards Board (FASB). Currently, crypto assets are considered indefinite-lived intangible assets and are subject to impairment. This means that if the […]
Rostin Behnam, the chairman of the US Commodity Futures Trading Commission (CFTC), has expressed concerns about the lack of clear regulatory guidelines for cryptocurrencies in the United States. He believes that many cryptocurrencies should be considered commodities under existing laws. Behnam argues that the rapid development of this new technology requires a fresh approach to […]
BlackRock’s proposed spot bitcoin ETF has made a change to its mechanics that could potentially involve Wall Street banks in the cryptocurrency market. The change allows authorized participants (APs) to create new fund shares using cash instead of cryptocurrency. This is significant because regulated U.S. banks are unable to hold bitcoin themselves. By acting as […]
Cryptocurrency exchange KuCoin has reached a $22 million settlement with the state of New York following allegations of illegal operation and misleading investors. The settlement includes $16.7 million in refunds for New York-based KuCoin investors, as well as a $5.3 million fine paid directly to the state. KuCoin CEO Johnny Lyu confirmed the settlement on […]
The U.S. Department of Justice (DOJ) has indicted two individuals for allegedly operating a $25 million artificial intelligence (AI) crypto-trading Ponzi scheme. Australian national David Gilbert Saffron and Los Angeles resident Vincent Anthony Mazzotta Jr. are accused of running trading programs that promised high-yield profits through an AI automated trading bot.However, instead of investing the […]
Cryptocurrency exchange KuCoin has agreed to pay $22 million to settle a lawsuit filed by the New York Attorney General (NYAG). The exchange was accused of operating in the state without proper registration. As part of the settlement, KuCoin will reimburse New York customers with $16.77 million and pay an additional $5.3 million to the […]
