$BTC SEC’s Crypto Task Force Gets Crucial Input From EY

Ernst & Young LLP (EY US) submitted a letter to the U.S. Securities and Exchange Commission (SEC) last week in response to the SEC’s request for input on crypto-related matters.

The firm emphasized the importance of regulatory clarity regarding how federal securities laws apply to crypto markets. EY US outlined its experience in assurance, tax, and risk consulting services for crypto businesses.

It discussed the evolving accounting and auditing issues related to digital assets, especially following recent changes from the Financial Accounting Standards Board (FASB) on crypto asset investments.

EY US also highlighted key auditing procedures, such as verifying public blockchain data and assessing third-party custodians, which help maintain transparency.

The letter emphasized the role of auditors in providing non-audit attestations and ensuring relevant, reliable information for stakeholders. EY US expressed interest in collaborating further with the SEC to enhance the regulatory framework surrounding crypto assets.