US authorities to intensify scrutiny of crypto industry in 2023
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.
On Dec. 14, the Financial Accounting Standards Board (FASB) discussed 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. The proposed rules are expected to be issued in the first half of 2023.
A few days earlier, the Securities and Exchange Commission (SEC) delivered a sample letter regarding the recent developments in the crypto markets, asking companies to consider in their disclosures "the need to to address crypto asset market developments in their filings generally, including in their business descriptions, risk factors, and management’s discussion and analysis."
Related: Crypto regulation world: How laws for digital assets changed in 2022
The changes are set to be felt by many players in the crypto and financial services industries, according to legal specialists. "It should have a multi-pronged and ultimately profound macro and micro impact on financial markets generally and the crypto industry specifically," told Cointelegraph Mark Kornfeld, securities and financial fraud shareholder at the law firm Buchanan Ingersol and Rooney. According to the attorney:
Cryptocurrency is also reportedly becoming a focus of the Internal Revenue Service (IRS), with its Criminal Investigation division hiring hundreds of new agents to work on digital assets and cybercrime. Along with its own data scientists, the IRS is hoping to cooperate
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