Statement by Perianne Boring, Founder and CEO of the Chamber of Digital Commerce on the tentative decision by the Financial Accounting Standards Board (FASB) requiring companies to use fair-value accounting for measuring bitcoin and other crypto assets:

“FASB made the right decision to require U.S. entities to measure their crypto asset holdings at fair value. This is a critical component needed to enable adoption of crypto assets. 

“After years of requests and direct advocacy on this issue, U.S. businesses will finally be allowed to recognize increases and decreases of crypto assets immediately and treat certain costs, such as commissions, as an expense. This will bring much-needed parity to the market. The current practice of requiring companies to measure assets at their lowest price during a reporting period has discouraged a number of companies from buying and holding crypto assets. 

“We commend the board for this substantial step. The Chamber and its members will continue to engage FASB during their broader project to review the accounting for and disclosures of crypto assets.”