New FASB policies definitely not overrated nostr:npub10uthwp4ddc9w5adfuv69m8la4enkwma07fymuetmt93htcww6wgs55xdlq nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx . There is a stark binary constraint for institutional treasury management between ‘liquid’ securities that are mark to market vs ‘illiquid’ assets that get impaired - totally different parts of balance sheet and totally different allocations (if even allowable on many balance sheets). Whether valid or not, the accounting treatment pushes assets to a different and much smaller pool of allowable treasury management options - ‘grok’ or not.

More importantly than the ‘meh moar bullish’ argument is that this will defend against ETF sucking up the institutional demand- so for institutions that want bitcoin, it’s a no brainer to use a mark to market security over an intangible asset - meaning they would be stuck with the ETF, no matter what. This standard would put self-custody options on the same level as the ETF. Massive reduction of regulatory capture surface area in the us and allows corp adoption outside of blackrock.