Tags: accounting

(Dimitri Karastelev/Unsplash, modified by CoinDesk)

The first U.S. rule for crypto accounting would aim at giving investors a better sense of a company’s digital assets through a “fair-value” approach.

The senator and her Democratic colleague Ron Wyden asked the U.S. auditing watchdog to rein in bogus audits in the digital assets sector.

Proof-of-reserve reviews aren’t audits, says the Public Company Accounting Oversight Board, and investors shouldn’t count on them.

The episode highlights yet another chokepoint for the blockchain industry: It‘s become harder for crypto startups to enlist big accounting firms to do audits and asset attestations.

Gatekeepers such as lawyers, accountants and investment firms should have insisted the crypto industry handle itself in a safer fashion, Commissioner Goldsmith Romero argued.