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Last week, PayPal used PYUSD to settle an invoice with Ernest & Young, an accounting firm. The transaction was conducted through SAPSE's Digital Currency Hub platform, which allows businesses to make instant digital payments 24/7. PayPal completed its first transaction using its stablecoin, PaypalUSD (PYUSD), taking a major step in the corporate payments space.
Paul Munter, chief accountant of the Securities Exchange Commission (SEC), said the SEC's position on rules restricting banks from providing crypto custodial services remains unchanged. On September 9, Munter reiterated the views of SEC Staff Accounting Bulletin 121 (SAB121) at a bank meeting, emphasizing the need for Financial Institution Groups to record liabilities for custodial crypto assets on their balance sheets. Munter noted that while some arrangements do not comply with the guidelines,...
Binance announced it had hired Grant Thornton, a UK accounting firm, to advise the exchange on accounting and taxation. The firm will also help Binance prepare for audits, but will not act as an auditor for the exchange. Binance previously worked with Mazars, an audit firm that suspended its work with the exchange in December 2022. Grant Thornton previously worked with stablecoin issuer Circle.
Big Four accounting firm KPMG has formed a strategic alliance with crypto accounting software Cryptio to help U.S. crypto companies comply with Generally Accepted Accounting Principles (GAAP) compliance. According to the announcement, the KPMG-Cryptio strategic alliance aims to establish controls within cryptocurrency companies to better account for their crypto assets. Through this partnership, crypto-related businesses and institutions can use Cryptio's accounting software to meet their GAAP a...
On May 18, U.S. Senator Elizabeth Warren described support for SEC Employee Accounting Bulletin (SAB) 121 at a recent Senate hearing. Warren said the standard applies to companies dealing with cryptocurrency and is designed to provide accounting guidance. She argued that SAB 121 "simply clarifies" how companies should consider crypto-related risks and include them in their policies.
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