Accounting Rulemakers Not Ready Yet to Tackle Crypto Issues

Don’t expect new accounting rules anytime soon to deal with digital assets like Bitcoin, two of the nation’s top accountants said Wednesday.

Not all digital assets are the same, accounting standard-setters could face difficulty writing rules for existing and to-be-developed assets, and the use of digital assets and cryptocurrency still isn’t widespread enough, SEC acting Chief Accountant Paul Munter and Financial Accounting Standards Board Chair Richard Jones said at a conference hosted by Baruch College.

“We as yet haven’t seen a lot of evidence of widespread use of digital assets, notwithstanding fairly recent one-off transactions,” Munter said.

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