SEC Calls for Auditors to Watch Cryptocurrencies

Wesley Bricker, chief accountant for the U.S. securities, informed the public that his office was looking into cryptocurrencies, coins, and tokens and the way they are traded and exchanged.

He advises that private cryptocurrency practitioners make sure their cryptocurrency skills are up to par.

Bricker stated that his accounting team is researching applications of bitcoin techs through the SEC's accounting and auditing requirements. Bricker also recommended to accountants in the private sector that they may want to scrutinize applications thoroughly.

Bricker said, “I suggest that it is warranted for the accounting profession to also invest time in understanding these areas. I have not heard particularly good rationales for turning off – or never turning on – the profession’s lamps at this time."

Several months ago, Bricker said in another speech that both ICO organizer and those who contribute need to be mindful of reporting requirements.

During that speech Bricker added, "An entity involved in initial coin or token offering activities will need to consider the necessary accounting, disclosure and reporting guidance based on the nature of its involvement."

In other words, the SEC is looking in cryptocurrency and Bricker is urging miners and investors to ensure that their reporting methods are easy to follow and up to date. In May the Association of Chartered Certified Accountants or ACCA made recommendations to investigate the accounting industry involved with cryptocurrency. In the ACCA report, it was also suggested that the technology could change the way accountants make money.