Top SEC Accountant Wants Auditor Eyes on Crypto

The U.S Securities and Exchange Commission’s top accountant has a message: private practitioners should hone their cryptocurrency skills.

That recommendation of sorts was featured in a speech today by Wesley Bricker, who serves as chief accountant for the U.S. securities regulator. Bricker revealed that his office is investigating “cryptocurrencies, coins, tokens and so forth,” as well as the ways in which they are exchanged and traded.

Indeed, he noted that his team is “journeying with a compass” by researching applications of the tech through the lens of the SEC’s accounting and auditing requirements. And according to Bricker, accountants in the private sector may want to do the same.

He was quoted as saying:

“I suggest that it is warranted for the accounting profession to also invest time in understanding these areas. I have not heard particularly good rationales for turning off – or never turning on – the profession’s lamps at this time.”

Bricker’s comments come months after he, in another address, said that both ICO organizers as well as those who contribute need to be mindful of relevant reporting requirements.

“An entity involved in initial coin or token offering activities will need to consider the necessary accounting, disclosure and reporting guidance based on the nature of its involvement,” he said at the time.

Calls for deeper investigation within the accounting industry have been made in the past, including a recommendation in May from the the Association of Chartered Certified Accountants (ACCA). The group said in its report that the technology could reshape the way in which accountants make money.

Image via Elizabethtown College/YouTube

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Comments

comments

Filed in: Bitcoin Buzz Tags: ,

You might like:

Germany’s 2nd Largest Stock Exchange To Launch Zero-Fee Crypto Trading App Germany’s 2nd Largest Stock Exchange To Launch Zero-Fee Crypto Trading App
Bitcoin Mining To Use 0.5% Of World’s Energy By End Of 2018, Peer-Reviewed Research Shows Bitcoin Mining To Use 0.5% Of World’s Energy By End Of 2018, Peer-Reviewed Research Shows
JP Morgan Announces Prototype Blockchain Platform to Streamline Capital Markets Infrastructure JP Morgan Announces Prototype Blockchain Platform to Streamline Capital Markets Infrastructure
Cases Of Illegal Bitcoin And Cryptocurrency Mining: Chicken Farms And New York Cases Of Illegal Bitcoin And Cryptocurrency Mining: Chicken Farms And New York
Wall Street Journal Research Finds ‘Red Flags’ In 19% Of ICOs Wall Street Journal Research Finds ‘Red Flags’ In 19% Of ICOs
Bitcoin Price Fails To Accomplish Predicted Rally Following NYC Crypto Conference Bitcoin Price Fails To Accomplish Predicted Rally Following NYC Crypto Conference
Voting For Blockchain Industry Leaders Now Open on BlockShow’s Blockchain-Based Polling App Voting For Blockchain Industry Leaders Now Open on BlockShow’s Blockchain-Based Polling App
First New-York Based Crypto Trading Company Receives BitLicense First New-York Based Crypto Trading Company Receives BitLicense
© 2018 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.