Ernst & Young highlighted the necessity for regulatory clarity on the application of federal securities laws to the crypto sector. This clarity is essential for stakeholders navigating the complex landscape of digital assets.
The firm discussed the evolving accounting issues following changes by the Financial Accounting Standards Board, stressing the importance of auditing practices such as blockchain data validation and assessments of third-party custodians.
EY expressed its readiness to work collaboratively with the SEC to strengthen the regulatory framework surrounding cryptocurrencies, ensuring reliable information is available for all stakeholders involved in the crypto markets.
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