Key points to remember:
- A cryptocurrency advocacy group is urging the SEC to review all cryptocurrency cases with a new perspective under the Trump administration.
- The proposal suggests a move towards clear and cooperative regulation in the digital assets market.
- The new FASB guidelines require digital assets to be valued at fair market value, improving corporate transparency.
A leading crypto advocacy group has called on the U.S. SEC to reexamine all existing crypto-related investigations, Wells opinions and lawsuits once President-elect Donald Trump takes office.
As the crypto industry expects a more favorable regulatory environment, this call for change highlights the opportunity for a fresh start under the new administration.
The group noted that Trump’s nominee for SEC chairman, Paul Atkins, in coordination with other commissioners such as Hester Peirce and Mark Uyeda, would more likely push the agency toward closer cooperation with the asset sector digital.
With a history of opposition to the SEC’s anti-crypto stance, these numbers are considered key in reevaluating the SEC’s practices. The goal is to foster a trusting relationship where market participants have confidence in the SEC’s intentions and where regulations are more transparent and understandable.
New path to clearer regulation of crypto assets
He advocates for more process and order to gradually improve the regulatory landscape. In this direction, the Token Alliance Steering Committee has already engaged with SEC staff to proactively lead an advocating position for a roadmap in this regard that is required by early 2025.
This includes a timeline from Day 1 to Day 90 of the new administration, focusing on key policy priorities that could help rebuild the relationship between the SEC and the global digital asset community.
It further argues for the need to “end ‘regulation by enforcement’ and remove outdated and outdated informal guidance” with a view to clearing up confusion among digital asset industry players. By focusing on clear, common-sense regulations, the group believes the SEC can create a more level playing field for innovation while still ensuring compliance.
FASB Digital Asset Assessment Update
In a statement dated December 17, the FASB issued new guidance that details how digital assets should be treated from an accounting perspective. Beginning in fiscal years beginning after December 15, 2024, companies will be required to report their digital assets at FMV, as opposed to the previous method of accounting for these assets at the lowest historical price.
This new rule mainly applies to assets such as Bitcoin and Ethereum and aims to increase transparency for investors. This change is expected to have broad implications for companies holding digital assets, including financial reporting, taxation and internal controls.
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