The changes are set to be felt by many players in the crypto and financial services industries.
Fourteen years after Bitcoin's Genesis block launched a profound disruption in financial services and other industries through the rise of blockchain technology, United States authorities are finally becoming more interested in cryptocurrencies' future and economic impact.new accounting and disclosure requirements for entities holding crypto assets in financial statements, following an agenda consultation with investors — the first one in five years.
"First, the Commission, much like it did after the Madoff Ponzi scheme was disclosed to the world at large, will be aggressively monitoring and doing full-blown regulatory examinations of in time thousands conducting business in and around this space. All in the market should reasonably anticipate and fully expect a sizable uptick in regulatory enforcement proceedings by the Commission, and, continued legal challenges to, the Commission’s jurisdictional authority.
There are, however, some who believe the outcomes will be positive in the long term."The net result should prove to be a more regulated and transparent climate, increased market stability, and much improved investor and consumer protection in a space that has until recently operated in an environment fairly characterized as relatively secretive and opaque," noted Kornfeld.
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