{"id":425513,"date":"2022-04-01T21:07:00","date_gmt":"2022-04-01T18:07:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sec-says-crypto-platforms-should-treat-customer-stashes-as-own-assets-liabilities\/"},"modified":"2022-04-01T21:07:00","modified_gmt":"2022-04-01T18:07:00","slug":"sec-says-crypto-platforms-should-treat-customer-stashes-as-own-assets-liabilities","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sec-says-crypto-platforms-should-treat-customer-stashes-as-own-assets-liabilities\/","title":{"rendered":"#SEC says crypto platforms should treat customer stashes as own assets, liabilities"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a37322ddc395\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a37322ddc395\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sec-says-crypto-platforms-should-treat-customer-stashes-as-own-assets-liabilities\/#%E2%80%9CSEC_says_crypto_platforms_should_treat_customer_stashes_as_own_assets_liabilities%E2%80%9D\" >&#8220;SEC says crypto platforms should treat customer stashes as own assets, liabilities&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CSEC_says_crypto_platforms_should_treat_customer_stashes_as_own_assets_liabilities%E2%80%9D\"><\/span>&#8220;SEC says crypto platforms should treat customer stashes as own assets, liabilities&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Crypto platforms such as Coinbase and other entities dealing in digital currencies should include tokens they hold for customers as assets and liabilities on their own balance sheets and inform the public about the potential risks of investments, according to updated guidance from the SEC.<\/p>\n<p>The directive surfaced as the feds mull increased regulation of cryptocurrencies and press for more transparency on how platforms operate to protect consumers. <\/p>\n<p>Investors are pouring money into Bitcoin and other digital assets at a rapid pace, driving the global crypto market cap above $2 trillion.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/oca\/staff-accounting-bulletin-121\">The SEC guidance<\/a> instructed cryptocurrency platforms, banks and other financial institutions to record the tokens they hold on behalf of customers as assets and include their obligation to safeguard the stashes as liabilities beginning in June.<\/p>\n<p>Under past guidelines, customer holdings were left off the platforms\u2019 balance sheets \u2013 a practice that mirrored how publicly traded brokerages operate. The SEC said \u201cuncertainties\u201d specific to the largely unregulated crypto space \u2013 such as how assets would be handled in the case of fraud, theft or bankruptcy \u2013 required unique care.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/adams-crypto-573.jpg?w=1024\" alt=\"Bitcoin\" class=\"wp-image-21539422\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/adams-crypto-573.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/adams-crypto-573.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/adams-crypto-573.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The global crypto market is now worth more than $2 trillion.<\/figcaption><figcaption><span class=\"credit\">Photo by Matt Cardy\/Getty Images<\/span><\/figcaption><\/figure>\n<p>\u201cThe technological mechanisms supporting how crypto-assets are issued, held, or transferred, as well as legal uncertainties regarding holding crypto-assets for others, create significant increased risks\u2026including an increased risk of financial loss,\u201d the SEC said in a release.<\/p>\n<p>The change will have a major effect on financial disclosures and accounting practices for major publicly traded platforms. <\/p>\n<p>For example, Coinbase reported $21.3 billion of assets and liabilities at the end of 2021, though it held $278 billion worth of cryptocurrencies and other currencies on behalf of its customers, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/sec-tells-exchanges-to-treat-customer-crypto-holdings-as-liabilities-11648743902\">the Wall Street Journal reported.<\/a><\/p>\n<p>Lawmakers and federal officials have expressed mounting concern that crypto investments pose a risk to the public given the lack of clear guidelines or oversight.<\/p>\n<p>\u201cCurrently, we just don\u2019t have enough investor protection in crypto finance, issuance, trading, or lending,\u201d SEC Chairman Gary Gensler said in prepared remarks to the Senate Banking Committee last September. \u201cFrankly, at this time, it\u2019s more like the Wild West or the old world of \u2018buyer beware\u2019 that existed before the securities laws were enacted.\u201d<\/p>\n<p>Hackers pose another risk to crypto investors. Earlier this week, hackers pilfered $615 million in crypto from blockchain project Ronin in one of the largest thefts on record.<\/p>\n<p><em>With Post wires<\/em>\n                        <\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/04\/01\/sec-says-crypto-platforms-should-treat-customer-stashes-as-own-assets-liabilities\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;SEC says crypto platforms should treat customer stashes as own assets, liabilities&#8221; Crypto platforms such as Coinbase and other entities dealing in digital currencies should include tokens they hold for customers as assets and liabilities on their own balance sheets and inform the public about the potential risks of investments, according to updated guidance from&#8230;<\/p>\n","protected":false},"author":1,"featured_media":425514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/cryptocurrency-comp.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,74956,74898,127411,76127],"class_list":["post-425513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-coinbase","tag-sec","tag-4-1-22","tag-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/425513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=425513"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/425513\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/425514"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=425513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=425513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=425513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}