Breaking News: Biden to Veto Key Bitcoin Bill Despite Congressional Approval 😳

In 2022, Michael Saylor outlined three key changes that could potentially boost Bitcoin's value to $5 million:
1️⃣ Spot #BitcoinETF Approval ✅
2️⃣ Fair Value Accounting by #FASB ✅
3️⃣ Banks Using #Bitcoin as Collateral (Congress just passed a bill!) ✅

However, there's a twist!
The Biden administration has just announced that it will veto the bill, despite its passage by Congress.

Stay tuned for more updates.

#ETHETFS #altcoins $BTC $ETH $SOL

🚀 BREAKING NEWS

🔹 #Bitcoin set for a major financial shake-up! New FASB rules just in via Bloomberg.

🔹BIGGEST WIN: Companies can now record Bitcoin at fair value, ditching the old lowest purchase price method. No more missing out on gains!

Bitcoin keeps proving its strength in the financial game!

#FASB #BTC #cryptoNews #SATS
$BTC $ETH $XRP

The Financial Accounting Standards Board (FASB) has unanimously approved new accounting rules for cryptocurrency holdings, marking the first U.S. accounting standard for cryptocurrency. The rules are set to take effect in 2025, providing companies with clearer guidance on how to handle their crypto assets. Under these new guidelines, companies holding or investing in cryptocurrency will be required to report their holdings at fair market value.

This shift in accounting practices may impact companies like MicroStrategy, one of the largest public holders of crypto, as it may lead to increased volatility in their financial reports. The #FASB plans to publish the detailed rules by the end of 2023, with implementation slated for 2025. Companies have the option to adopt these rules earlier if they choose to do so, except for #wrapped tokens, which remain exempt.

The new approach, based on fair value accounting, acknowledges the market prices of cryptocurrencies, reflecting changes in their values and allowing companies to record financial recoveries from rising #crypto prices. The FASB expects this new standard to come into effect for fiscal years starting after December 15, 2024, following staff drafting and a final approval vote. This move is seen as a significant step toward providing investors with more transparent financial information regarding crypto holdings and their impact on companies' earnings.

$BTC $ETH $BNB

BREAKING:

🇺🇸 Bitcoin to be recorded at fair value under new FASB rules issued today

~Bloomberg

This is HUGE! ‼️

Previously companies could only value their

bitcoin at the lowest price since they bought

it, which meant they would have to record

losses, but not the gains when the price

recovered.

Bitcoin keeps winning... 🙌

#Bitcoin #FASB