Regulation is a very important issue in the crypto space. This can lead to mainstream adoption and increased trust from investors.
Check out some new regulations that have been revealed by The Wall Street Journal.
— Michael Saylor (@michael_saylor) July 19, 2021
The notes in the publication reveal that “Accountants and lawmakers are urging standard-setters to fill a void and write concrete rules telling companies how to account for bitcoin and other cryptocurrency assets.”
It’s been also revealed that the assets, for which there are no binding U.S. accounting requirements, have drawn regulators’ interest.
This came after sharp swings in recent months and investments by firms including electric-car maker Tesla Inc. and payment provider Square Inc.
Bitcoin halved in value since April
Bitcoin was able to hit a record of $63,381 in April, has roughly halved in value since then – this was something that definitely mirrored volatility in other digital currency assets.
WSJ revealed that a bipartisan group of seven congressmen led by Rep. Tom Emmer (R., Minn.) made a similar request to the FASB in May, pointing to the surge in value of these digital assets.
“Lack of thoughtful and carefully developed authoritative guidance from the FASB threatens the ability to create accurate and consistent financial reporting of a large and fast-growing financial asset class,” they wrote.
We suggest that you check out the complete article in order to learn more about the available details.
It’s been just revealed that the on-chain analyst Willy Woo said that there is a particular investor cohort that is driving the Bitcoin bull markets these days.
He is saying that small holders aka entities that are holding less than one BTC are4 continuously stacking Bitcoin as they are outpacing the selling of larger entities or whales.