The Financial Accounting Standards Board (FASB) has announced new rules that will significantly impact how U.S. companies account for cryptocurrencies like Bitcoin. Starting from December 15, 2024, companies will be required to record these digital currencies at fair market value. This means that the value of their cryptoassets will need to be updated based on […]
Loyal readers of The Protocol will recall our riff in last week’s issue, headlined “Bitcoin Censorship, or Just ‘Spam Filtering?’” The gist of the story is that some Bitcoin purists are trying to keep the oldest and largest blockchain free from non-financial transactions – such as the text snippets and images that some people are […]
On December 13, OKX decentralized exchange (DEX) experienced a significant hack, resulting in a loss of $2.7 million. The breach occurred due to a leaked private key of the proxy admin owner. Unlike previous attacks on exchanges, this incident involved stealing the credentials needed to access the exchange’s wallets, where funds were held in escrow […]
Crypto companies and institutions holding crypto assets in the United States will soon be able to record the value of their assets more accurately, thanks to new accounting rules set by the Financial Accounting Standards Board (FASB). Currently, crypto assets are considered indefinite-lived intangible assets and are subject to impairment. This means that if the […]
The Financial Accounting Standards Board (FASB) has announced new standards that will allow companies to use fair-value accounting for specific cryptocurrencies on their balance sheets. These standards, which will be effective from December 15, 2024, aim to improve the transparency of financial reporting for crypto assets.Previously, companies were required to value their crypto holdings at […]
In a recent court hearing in Singapore, Su Zhu, co-founder of Three Arrows Capital (3AC), faced questioning regarding the collapse of the crypto fund. The liquidators, Teneo, sought details on the fund’s failure and the location of assets in their efforts to recover billions of dollars owed to creditors.Zhu’s arrest at the Singapore airport in […]
Uniswap, the leading decentralized exchange (DEX) in the world of decentralized finance (DeFi), has made a groundbreaking move by deploying its version 3 (v3) on Rootstock, a Bitcoin sidechain. This integration merges the innovative smart contracts of Uniswap, originally designed for Ethereum, with the robust security of Bitcoin’s proof-of-work network.By exploring the Bitcoin universe, Uniswap […]
Rostin Behnam, the chairman of the US Commodity Futures Trading Commission (CFTC), has expressed concerns about the lack of clear regulatory guidelines for cryptocurrencies in the United States. He believes that many cryptocurrencies should be considered commodities under existing laws. Behnam argues that the rapid development of this new technology requires a fresh approach to […]
US-based cryptocurrency exchange Coinbase has announced plans to expand its international exchange by offering spot trading. The move is in response to hesitancy among some users to trade on US venues due to regulatory uncertainty. The launch will initially allow institutional investors outside the US to trade Bitcoin and Ethereum spot pairs via API access. […]
Su Zhu, co-founder of the crypto hedge fund Three Arrows Capital (3AC), is set to be released from custody after spending several months behind bars. Zhu had received a four-month jail sentence for non-cooperation in the liquidation process of the collapsed firm. However, his release is now attributed to his good behavior during his time […]
