SEC Tightens Reporting for Crypto Exchanges in the US
OREANDA-NEWS Previously, trading platforms reported on assets on behalf of clients — now the regulator plans to oblige cryptocurrency exchanges to be responsible for client's assets themselves. In other words, publicly traded crypto companies must register client's cryptocurrencies as assets.
SEC officials themselves believe that the goal is to ensure a consistent and transparent accounting method. But some analysts have already said that the new requirements will lead to an increase in the corporate accounts of publicly traded companies that are registered with the SEC. For example, Coinbase stores $278 billion worth of client digital assets, but the actual obligations of the trading platform on the corporate account amount to just over $21 billion. It is worth noting that such requirements will not apply to brokerage companies.
Earlier, Russian President Vladimir Putin signed a law obliging election candidates to report on the purchase of cryptocurrencies. The corresponding law appeared on the official legal website of the President of the Russian Federation.