On March 31, the Securities and Exchange Commission (SEC) released new guidelines for cryptocurrency exchanges

US tightened reporting rules for crypto exchanges

01.04.2022 - 13:30

111

1 min

What’s new? The new rules of the US Securities and Exchange Commission (SEC) require cryptocurrency exchanges to register the cryptocurrencies they hold for customers as assets and their obligations to customers as liabilities. The SEC officials stated that the new set of rules will ensure consistency in the accounting practices used by crypto exchanges.

Material of The Wall Street Journal

What will the new rules lead to? The regulator’s officials believe that the new guidelines may lead to an increase in the balance sheets of publicly traded crypto exchanges registered with the SEC. In particular, SEC chief Gary Gensler warned that investors with digital assets on platforms such as Coinbase are effectively providing unsecured loans.

Earlier, US congressmen called on the SEC to stop pressure on crypto companies. The officials expressed concern over the regulator’s unfounded investigations into cryptocurrency companies.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy