And now, a few words from the chief accountant at the Securities and Exchange Commission:
Standard accounting rules apply to cryptocurrencies and blockchain, too, Wesley Bricker told the AICPA National Conference on Banks & Saving Institutions in Washington, D.C.
Companies “must continue to maintain appropriate books and records regardless of whether distributed ledger technology (such as blockchain) smart contracts and other technology-driven applications are (or are not) used,” he said, as reported by CoinDesk.
He told the nation’s accountants it is “critical that we keep ourselves informed about emerging technologies so that the accounting profession can continue to perform the essential gatekeeper function for issuer compliance related to financial reporting.”
The SEC is leery of cryptocurrency, having already rejected several proposed exchange-traded funds designed to track crypto. Several SEC officials, including the agency’s head, Jay Clayton, have said cryptocurrencies such as bitcoin (BTC) and ether (ETH) aren’t securities, although initial coin offerings are.
So if you are an accountant, despite what Butcher called the “exciting possibilities” of cryptocurrencies and blockchain, the SEC wants you to do your job the way you always have, by the same rules.