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| 1 minute read

There is no Cry in Crypto.. or is There?

"You gonna do somethin'? or are you just gonna stand there and bleed?" - Wyatt Earp

As the crypto marketplace rambles low, lower, and lowest (is there a bottom?), the eyes of the SEC are honing in on corporate balance sheets, disclosures, and valuations associated with the variety of instruments at risk.  Some have dropped the F-bomb (fraud for the G-rated crowd) and allegations of improprieties will surely pick up steam as the impacted crypto investors surface with pleadings. The SEC Enforcement arm is manning up. The fall-off in the market causes pressure on recent valuation credibility and of course, the damage to investor confidence is apparent.  It is unclear how this will end up other than the bleeding will eventually stop and the usual suspects will be rounded up. More to follow...

© Copyright 2022. The views expressed herein are those of the author(s) and not necessarily the views of Ankura Consulting Group, LLC., its management, its subsidiaries, its affiliates, or its other professionals. Ankura is not a law firm and cannot provide legal advice.

SEC Chair Gary Gensler has repeatedly compared the crypto market to “the Wild West.” The agency has issued guidance saying that companies should disclose the risks to investors from cryptocurrencies held on behalf of customers and account for the assets as liabilities. The guidance went into effect last month.

Tags

finance, office of the cfo, perspective

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