House Financial Services Committee Chair Patrick McHenry (R-NC) and a bipartisan group of legislators asked banking regulators to clarify "through guidance and other actions" that an SEC Staff Accounting Bulletin, which describes how a custodian must account for digital assets, is not enforceable.
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In recent analysis, Fried Frank Partner Jason Schwartz addressed the IRS's recently issued notice confirming that consensus-layer staking rewards are taxed at fair market value when the staker has dominion and control over them.
The OCC, Federal Reserve Board, FDIC and National Credit Union Administration revised an interagency policy statement on allowances for credit losses. The revisions were in response to amendments the Financial Accounting Standards Board made to GAAP accounting standards on the topic in March, 2022.
In recent analysis, Fried Frank Partner Jason Schwartz addressed the IRS's recently issued guidance on the treatment of NFTs as "collectibles" for U.S. tax purpose.
In a letter to the Federal Reserve, the FDIC, the OCC and the NCUA, Senator Cynthia M. Lummis (R-WY) and Representative Patrick McHenry (R-NC) criticized SEC guidance on the accounting treatment of cryptocurrency assets by custodians.