Latest News

Businesses seriously consider crypto as it becomes more mainstream

Written on Aug 25, 2022

By Jessica Salerno-Shumaker, OSCPA senior content manager  

As cryptocurrency grows in popularity, CPAs are increasing their understanding, said one CPA and tech expert.  

Dr. Sean Stein Smith“As we look into 2023, the conversation really has pivoted,” said Sean Stein Smith, CPA, professor at the City University of New York, Lehman College. “In basically every conversation I have at conferences, corporate trainings and with active firm owners, it’s that there is this understanding that crypto is overall becoming more mainstream.”  

The interest in cryptocurrency is growing at a legislative level as well, Smith said, as numerous bills have been introduced looking into how companies, banks and other businesses can actively integrate crypto into their current operations. Smith will present on “Cryptocurrency in Business” at the Fall Accounting Shows.  

“The overarching trend is that regulators are on top of blockchain and on top of other crypto assets,” Smith said. “And are honestly trying to get more transparency and more objective rules on the books.”  

Bitcoin prices are closely monitored by the public, Smith said, and questions about Bitcoin are some of the most common he receives from clients and peers. He said other questions he’s asked on crypto are becoming more sophisticated, such as asking if they have the proper cyber insurance when dealing with crypto assets.  

Crypto right now might not make sense for every business, Smith said, but it’s still helpful to know what’s happening in the space and keep an eye on its evolution. A business might not be ready for cryptocurrency today, but 5-10 years from now it could make more sense.   

And while it’s encouraging that understanding of the crypto space is growing, Smith said he hopes accountants realize the full breadth of the marketplace and the possibilities it holds for the profession.  

“We are still extremely early on,” he said. “And it's a real opportunity for individuals and firms that are interested, motivated, proactive to really carve out a really high growth, profitable niche going forward.”  

Hear more from Sean Stein Smith and register for the Fall Accounting Shows today!