K2 Integrity’s Post

Good chat with Thomson Reuters on the new accounting rules around digital assets. *When* you purchased these holdings could significantly influence how it impacts your financial statements. If your business holds crypto, will you be early adopting the new regs? Thanks Denise Lugo for the mention. #internalaudit #cryptocurrency #accounting #FASB #digitalassets

It's so interesting that the CEO of #JPMorgan is so anti-crypto when there are employees in his company who work in blockchain! I'd imagine that they are in a position where they are constantly trying to defend their pro blockchain/crypto stance while at the same time trying to not sound like they are against their boss. JPMorgan has #crypto custody services, #Onyx which is an #Ethereum based blockchain for collateral settlement, and it's #TCN which tokenizes money market shares. So why the strong opposition to the very same assets that are used by the bank itself for efficiency? I'm saying this as a former Chase employee and don't have any ill will toward the company. I know people that currently work there and have met blockchain employees of theirs. Most retail investors who are buying tokens on Robinhood, Coinbase, PayPal, Fidelity Investments, and others, just want exposure to the digital assets and to put themselves in a better financial position. Is BlackRock and Invesco US filing for a BTC ETF to launder money? How do these statements make hard working people feel who are trying to pay their bills and outpace inflation? This stance is not productive and causes many to wonder what the motive is and even if they should consider other custodians for current and future blockchain based assets. #Bitcoin #Blockchain

In today’s Crypto for Advisors newsletter, Todd Bendell from Amphibian Capital takes us through the different custody models advisors need to understand. Meredith Yarbrough from LaHoja Capital Partners answers questions about bitcoin and collateral custody in Ask an Expert. #bitcoin #custody #financialadvisors

In July 2023, the Public Company Accounting Oversight Board published a report that highlights common areas of audit deficiencies for public companies. Private companies face similar challenges when reporting their financial results. The report identified seven key financial statement concerns: 1) revenue and related accounts, 2) inventory, 3) information technology, 4) business combinations, 5) long-lived assets, 6) goodwill and intangible assets, and 7) allowances for loan and lease losses. Another emerging area of concern is cryptocurrency transactions. As audit season approaches, expect external auditors to focus on these high-risk areas. https://hubs.ly/Q020jt8k0 . . . . #FinancialReporting #PCAOBReport #AuditDeficiencies #PublicCompanies #PrivateCompanies #AuditInsights #HighRiskAreas #CryptocurrencyTransactions #FinancialStatementDeficiencies #InternalAccounting #ExternalAuditors #CryptoAuditRisks #FinancialTransparency #AuditSeason #AuditProcedures #RevenueReporting #DigitalAssetRisks #FinancialInsights2023 #AuditFindings #AccountingBestPractices

💬 Bloomberg analyst James Seyffart has provided insights into the SEC's meetings with cryptocurrency firms. He mentioned that during these meetings, representatives from both the corporate finance department and the trading and markets department were present. These interactions are indicative of the regulatory discussions taking place between the SEC and the cryptocurrency industry. 🏛️📊 #SEC #CryptocurrencyRegulation #BloombergAnalysis

Peter Brandt Warns Against Trusting SEC Chair Gary Gensler — Says He Has Long History of Not Protecting Investors https://lnkd.in/dzvbdbCv #Cryptocurrency #News #crypto #Bitcoin #cryptocelebrities #CryptoRegulations #cryptocurrency #GaryGensler #news #PeterBrandt #Regulation #SEC

ICYMI - Here are the top points from last Friday's newsletter: • In a new letter, Republicans on House Financial Services and House Ag committees asked SEC Chair Gensler to state definitively whether the SEC believes Ether is a security or not by April 9th. • Judge Failla allowed the SEC's case against Coinbase to go forward, largely agreeing with the SEC's interpretation of what constitutes an investment contract; but in a boon to self-custody & DeFi, she dismissed the SEC's claim that Coinbase Wallet is a securities broker. Read more detailed summaries of the letter and Judge Failla's opinion in the full newsletter linked below. #crypto #blockchain #policy #Ethereum #DeFi

During recent congressional hearings, it was emphasized that the SEC is merely fulfilling its regulatory duties in its enforcement actions within the cryptocurrency sector. This comes in response to growing scrutiny and debate over the SEC's role in overseeing crypto markets. The focus has been on ensuring that cryptocurrency operations comply with existing securities laws, aiming to protect investors and maintain fair, orderly, and efficient markets. This enforcement strategy demonstrates the need for clear regulatory frameworks as digital assets become increasingly mainstream. #CryptoRegulation #SECEnforcement #DigitalAssets

Check out James Mackintosh's latest article on the cryptocurrency market. James gets to the point in the open: "So it turns out that of the two largest crypto exchanges, one was a fraud and the other was a money launderer. Whoever could have guessed?" Read more about it here: https://lnkd.in/gjDjUCC5

🛡️ As the IRS sharpens its focus on cryptocurrency transactions, compliance is more critical than ever for investors and Web3 CEOs. Our comprehensive guide outlines key steps to avoid a tax audit and ensure seamless financial planning. From understanding public ledger transparency to navigating 1099 reporting, this guide covers all essential compliance strategies. Non-compliance can lead to severe consequences, including interest, penalties, and legal repercussions. Stay ahead with our expert insights and protect your financial interests. 💡