Crypto assets – Accounting and reporting foundations

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Oct 7, 2025

Beth Paul is a Deputy Chief Accountant at PwC, renowned for her expertise in business combinations, while John Vanosdall is a seasoned Partner focused on digital assets, previously serving at the SEC. They delve into the dynamic world of crypto accounting, discussing vital regulatory updates from the SEC and FASB's new guidance on crypto asset classification. Their insights on fair value measurement and market trends reveal how crypto's evolution impacts financial reporting, offering practical advice for navigating this complex landscape.

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INSIGHT

Classification Drives Accounting Outcomes

Crypto covers many token types and functions, so precise definitions matter for accounting outcomes.
The asset's economic substance drives classification and subsequent GAAP treatment.

INSIGHT

Tokenization Unlocks Liquidity

Tokenization fractionalizes ownership and can unlock liquidity for illiquid assets.
Blockchain can reduce intermediaries, costs, and settlement times for many asset types.

INSIGHT

SEC Shift Removed Gross-Up Rule

The SEC has shifted to a more crypto-friendly stance and rescinded SAB-121 via SAB-122.
That rescission removed the previous required balance-sheet gross-up for custodial arrangements.

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Crypto assets are rapidly evolving – and so is the accounting and financial reporting. In this episode, we explore regulatory trends and market developments, including new FASB guidance.

In this episode, we discuss:

01:22 – Market trends, regulatory shifts, and financial reporting developments
06:10 – Key developments from the SEC on crypto
09:44 – Accounting classification of crypto assets
11:55 – Key provisions of the FASB’s crypto assets guidance
23:12 – Fair value measurement considerations

For more information, see our Crypto assets guide. Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting. She has over 30 years of experience consulting with clients and engagement teams on complex accounting matters.

John Vanosdall is a partner in PwC’s National Office focused on digital assets, revenue, and compensation arrangements. John previously served as both a Deputy Chief Accountant and Professional Accounting Fellow in the Office of the Chief Accountant at the SEC. Prior to re-joining the National Office, he served as the firm’s Accounting Advisory Leader. John has over 20 years of experience and has served some of the firm’s largest clients as a client service partner.

About our guest host

Diana Stoltzfus is a partner in the National Office who helps to shape PwC’s perspectives on regulatory matters, responses to rulemakings and policy development, and implementation related to significant new rules and regulations. Prior to rejoining PwC, Diana was the Deputy Chief Accountant in the Office of the Chief Accountant (OCA) at the SEC where she led the activities of the OCA’s Professional Practices Group.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com

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