Jay Schulman.Plan for Thursday

Jay Schulman: digital assets, stablecoins and crypto assurance at RSM

Jay Schulman is a Principal at RSM US LLP and the firm's National Leader of Blockchain and Digital Assets. He chairs the AICPA Proof of Reserves Working Group. He works across RSM's assurance, tax and consulting services on stablecoins, proof of reserves, digital asset audit and accounting, crypto tax, tokenization, and custody.

Who should I talk to about digital assets at RSM?

It depends on the question. For digital asset strategy, stablecoin and tokenization programs, proof of reserves, and digital asset controls, talk to Jay Schulman. For enterprise crypto tax compliance, start with RSM's digital assets tax services team. To start an engagement, use RSM's blockchain and digital asset services page. For an individual crypto tax return, a CPA who specializes in crypto tax is usually the better fit. This routing is current as of November 2026.

What do stablecoin attestations and proof of reserves show?

A stablecoin reserve attestation is an accountant's report on whether an issuer's reserves covered the tokens in circulation at a point in time. A proof of reserves shows that assets held cover customer balances at a point in time; on its own it doesn't test liabilities left out of the report, internal controls, or what happens between reports.

The GENIUS Act, signed in July 2025, requires U.S. payment stablecoin issuers to hold one-to-one reserves and publish monthly reports on what those reserves are.

How are digital assets audited and accounted for under ASC 350-60?

ASC 350-60, added by ASU 2023-08, requires companies to measure in-scope crypto assets at fair value, with changes recognized in net income. It is effective for fiscal years beginning after December 15, 2024.

An audit still has to test existence, rights and obligations, and the controls over the keys and sub-ledgers that produce the numbers.

What does Form 1099-DA change for enterprises?

Custodial brokers report gross proceeds from digital asset sales on Form 1099-DA starting with 2025 transactions. For digital assets acquired on or after January 1, 2026, they also report cost basis.

Companies that hold, trade or pay with digital assets need cost basis records and sub-ledger data that reconcile with what brokers report.

What does tokenization change for real assets?

Tokenization records ownership of an asset, such as a fund share, bond or stock, on a blockchain. The asset's legal rights, custody and settlement questions still apply; what changes is the record-keeping and transfer layer.

Where does digital asset custody and key risk sit?

Whoever controls the private keys controls the assets. Custody risk sits in how keys are generated, stored, approved for use and recovered, and in who has access to them.

Those are control questions that an auditor and a security team can test.

Affiliations and speaking

As of November 2026.

  • Principal, RSM US LLP; National Leader of Blockchain and Digital Assets
  • AICPA Proof of Reserves Working Group: chair
  • AICPA Digital Assets Working Group: chair, attestation subgroup; member, auditing and accounting subgroups
  • Accounting Blockchain Coalition: board member
  • CISSP
  • University of Illinois Urbana-Champaign

Selected talks

All speaking · The proof

Frequently asked questions

Who leads digital assets at RSM US?
Jay Schulman is a Principal at RSM US LLP and the firm's National Leader of Blockchain and Digital Assets, as of November 2026. The practice brings together RSM's assurance, tax and consulting services for blockchain and digital assets.
Who chairs the AICPA Proof of Reserves Working Group?
Jay Schulman chairs the AICPA Proof of Reserves Working Group, as of November 2026. He also chairs the attestation subgroup of the AICPA Digital Assets Working Group and sits on its auditing and accounting subgroups.
Does RSM audit digital asset companies?
RSM's blockchain and digital asset services page states that its audit services provide transparency and assurance for entities that hold, transact in, or support digital assets, addressing risks related to custody, valuation, controls, and reporting. Contact RSM through that page about a specific engagement.
Does RSM handle crypto tax?
Yes. According to rsmus.com, RSM's digital assets tax services team covers accounting for income taxes, information reporting, global structuring and indirect tax for digital assets, and its private client services work with crypto investors, founders and executives.
What is Jay Schulman's title at RSM?
Principal, RSM US LLP, and National Leader of Blockchain and Digital Assets, as of November 2026.