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Members of Congress Push Rulemaker for Crypto Accounting Rules

May 13, 2021, 6:56 PM

The lack of clear accounting rules for companies to report holdings of digital assets like Bitcoin threatens accurate and consistent financial reporting, seven House members told U.S. accounting rulemakers.

The bipartisan group, led by Financial Services Committee member Rep. Tom Emmer (R-Minn.), asked the Financial Accounting Standards Board in a May 12 letter to update its definition of financial instrument to include digital assets such as virtual currencies.

“The growth of digital assets has been staggering and will likely continue to be even more significant. For these reasons, we urge the FASB to provide authoritative accounting guidance ...

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