The Accounting Podcast

What happens when a $2 trillion cryptocurrency market suddenly requires monthly audits? Blake and David break down the Genius Act, the new federal stablecoin legislation that just created a massive opportunity for auditors—but also potentially recreated the chaotic "wildcat banking" era of the 1800s. You'll learn why every stablecoin issuer now needs monthly attestation reports and annual audits, creating hundreds of new recurring revenue streams for accounting firms willing to take on the risk. Plus, they explore whether there are enough auditors to actually make this system work, and what happens if quantum computing breaks cryptocurrency security. The episode also covers PCAOB leadership changes under the new administration, live-tests AI agents trying to enter invoices (spoiler: it's messier than the hype suggests), and updates on the 23 states now offering alternative CPA pathways.

Chapters

• (01:17) - AI in Accounting: Browser Integration
• (02:35) - Major News: The Genius Act and Its Implications
• (03:38) - Sponsor Shoutouts and Livestream Interaction
• (05:06) - Audit News: Erica Williams and PCAOB Changes
• (08:27) - Federal Audit Failures and OMB's Strategic Reset
• (09:48) - AICPA's New Fraud Detection Standards
• (12:52) - Sponsor Highlight: Missive
• (15:38) - Fraud Case Study: Christine Hunsicker's $300M Scam
• (20:08) - Deep Dive: The Genius Act and Stablecoins
• (41:21) - The Risk of Stablecoins and Financial Contagion
• (42:07) - Quantum Computing Threat to Bitcoin
• (42:38) - The Challenge of Upgrading Cryptocurrency Systems
• (43:22) - Summary and Predictions for Accounting Firms
• (43:38) - Fraud in the Traditional Banking System
• (44:08) - Relay: The Small Business Banking Solution
• (45:43) - Pig Butchering: A Growing Fraud Problem
• (48:05) - The Case for a Federal Stablecoin
• (50:26) - Alternative Pathways for CPA Licensure
• (52:02) - Decline in CPA Licenses and Modernizing Education
• (54:59) - Cloud Accountant Staffing: Solving the Labor Shortage
• (56:01) - Agentic AI: The Future of Automation
• (59:13) - Challenges and Potential of AI in Accounting
• (01:02:31) - The Role of AI in Data Entry and Research
• (01:17:53) - Conclusion and Final Thoughts

 

Trump signs landmark GENIUS Act, hailing "exciting new frontier" for crypto - CBS News
https://www.cbsnews.com/news/trump-signs-genius-act-crypto-bill/

Fact Sheet: President Donald J. Trump Signs GENIUS Act into Law – The White House
https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-signs-genius-act-into-law/

Stablecoin regulation bill heads to Trump's desk
https://www.axios.com/2025/07/17/house-passes-genius-act-stablecoins-trump

A 'Crypto Week' win: Congress passes 1st major crypto legislation in the U.S.
https://www.npr.org/2025/07/17/nx-s1-5451413/crypto-week-stablecoin-genius-act-trump

GENIUS Act Passes in US Congress: A Breakdown of the Landmark Stablecoin Law – Publications https://www.morganlewis.com/pubs/2025/07/genius-act-passes-in-us-congress-a-breakdown-of-the-landmark-stablecoin-law

Erica Williams Resigns as PCAOB Chair - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2025/07/15/erica-williams-resigns-as-pcaob-chair/164956/

PCAOB chair Erica Williams steps down | Accounting Today
https://www.accountingtoday.com/news/pcaob-chair-erica-williams-steps-down

SEC.gov | Statement Regarding Tenure of Erica Williams at the PCAOB
https://www.sec.gov/newsroom/speeches-statements/atkins-statement-erica-williams-pcaob-071505

Southern District of New York | CaaStle Founder Charged In $300 Million Fraud Scheme | United States Department of Justice https://www.justice.gov/usao-sdny/pr/caastle-founder-charged-300-million-fraud-scheme

The surprising details of fashion entrepreneur Christine Hunsicker's fraud indictment- Fast Company https://www.fastcompany.com/91371881/the-surprising-details-of-fashion-entrepreneur-christine-hunsickers-fraud-indictment

Fashion startup founder Christine Hunsicker accused of cheating investors out of over $300 million - CBS News https://www.cbsnews.com/news/christine-hunsicker-charged-fraud-300-million-fashion-startup-founder/

States move beyond the 150-hour rule for CPA licensure | Accounting Today
https://www.accountingtoday.com/list/states-move-beyond-the-150-hour-rule-for-cpa-licensure

Tracking CPA licensure paths: Removing the 150-hour-rule hurdle | CFO Dive
https://www.cfodive.com/news/broadening-cpa-licensure-paths-marching-beyond-150-hour-rule-accounting-talent-shortage/745282/

The rise and fall of the 150-hour rule
https://www.cfobrew.com/stories/2025/04/10/the-rise-and-fall-of-the-150-hour-rule

AICPA, NASBA approve alternatives to the 150-hour rule
https://www.cfobrew.com/stories/2025/05/15/aicpa-nasba-approve-alternatives-to-the-150-hour-rule

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page