Generally Accepted Accounting Principles in danger


All Crypto businesses should be audited according to International Financial Reporting Standards (IFRS) or United States Generally Accepted Accounting Principles (USGAAP). Consolidated Financial Statements, including notes and auditor's opinions, of such industry leaders as Binance, Tether or Greyscale should be publicly posted.

Mazar's Group and other crypto auditing firms should reassess their business model, as they migrate into agreed upon procedures, proof of reserves, attestations, and other euphemisms meant to hide deficiencies. Non-compliant auditors no longer supply the old-fashioned, solid audits that investing public requires for basing informed decisions.

Central Banks worldwide must continue increasing nominal interest rates in order to offer positive real interest rates to savers, not just for reducing inflation. Compliant banking industry should regain ability to supply adequate yields. Sound financial alternatives must be made available so that investors discontinue usage of anonymous crypto delinquency.

Rubén Rivero

Caracas, Venezuela

Fotografía: Platón. 40 Grados Bajo el Sol