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CURRENT-CY NEWS & LEGAL TOKENS

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In a recent '40 Act blog post, Seward & Kissel Investment Management attorneys discussed how the Financial Accounting Standards Board (FASB) reached a tentative decision to make fair value the primary accounting method for measuring crypto assets by both public and private companies. Under a fair value measuring basis, an entity can record both increases and decreases resulting from changes in the value of crypto assets prior to the sale of those assets. The FASB will consider issues regarding presentation, disclosure, and transitioning at a future meeting.

Click here to read the blog post "FASB Moves to Fair Value Accounting for Measuring Crypto Assets" on Seward & Kissel's '40 Act blog.

The opinions expressed are those of the author(s) and do not necessarily reflect the views of the firm or its clients, or any of its or their respective affiliates. This article is for general information purposes and is not intended to be and should not be taken as legal advice.

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Anthony Tu-Sekine | Partner

As the head of Seward & Kissel’s Blockchain and Cryptocurrency Group and a frequent commentator on all things crypto, Anthony advises clients on a wide range of evolving topics, including how to structure and issue security and utility tokens, registered and unregistered offerings of security tokens, token custody, transfer and liquidity issues, non-security opinions, and investments in crypto assets by funds and other investors. A recognized leader on physical precious metals funds, Anthony represented APMEX Inc. and alternative asset manager Sprott Inc. in connection with the launch of OneGold.com, which allows investors to own gold documented on blockchain. He also:

  • Represents ShelterZoom, a leading blockchain-based SaaS contract management platform;

  • Helped form a tokenized hedge fund;

  • Provides advice in connection with ransomware payments made in cryptocurrencies; and

  • Worked with sponsors of bitcoin ETF and OTC products.

“You can work with regulators or you can really try to piss them off… If you really want to do the latter, then you should expect that they will bring every tool they have against you.”

Anthony’s thoughts on BitMEX indictment, as published in Law360 article “BitMEX Case Seen as Blessing in Disguise for Crypto Sector”

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