The Securities and Exchange Commission urged public crypto platforms to recognize crypto held on the behalf of customers as a liability and asset on their balance sheets. These crypto exchanges would likely be impacted by the guidance.
The crypto ecosystem has seen rapid growth in the number of platforms that custody digital assets for customers, and the Securities and Exchange Commission was concerned that these firms were not being straight with investors as to the risks associated with this line of business.
Crypto exchanges like Coinbase Global Inc. COIN, -1.98% would likely be impacted by the guidance, as could Paypal Holdings Inc. PYPL, -0.92% and Robinhood Markets Inc. HOOD, -5.63%. All three are public companies that enable users to buy and sell crypto on their platforms, while offering to safeguard these assets.
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