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Crypto Accounting No Simple Matter, SEC Top Accountant Warns

Nov. 4, 2021, 5:31 PM

Setting accounting rules for the ever-changing digital asset market will be tough for U.S. accounting standard-setters, the SEC’s top accountant warned Thursday.

“It’s not a one-size-fits-all kind of space out there,” said Paul Munter, acting chief accountant of the Securities and Exchange Commission’s Office of the Chief Accountant, adding that digital assets include not just cryptocurrencies but also non-fungible tokens, utility tokens, initial coin offerings, and others. “It’s certainly not obvious to me that there’s a one-size-fits-all accounting answer.”

Several areas of U.S. generally accepted accounting principles (GAAP) already contain guidance for digital assets that qualify as securities, commodities, ...