(Bloomberg) -- Publicly traded companies exposed to the “crypto winter” and the collapse of FTX or other digital-asset companies might have to disclose those details to investors under new guidance from the US Securities and Exchange Commission. 

The disclosures would likely apply directly to companies that incorporate digital assets into their businesses. But the guidance released Thursday indicates that they could extend to any company with material exposure to the troubled crypto market.

“Recent bankruptcies and financial distress among crypto asset market participants have caused widespread disruption in those markets,” the SEC’s division of corporation finance wrote. “Companies may have disclosure obligations under the federal securities laws related to the direct or indirect impact that these events and collateral events have had or may have on their business.” 

The guidance is one of the SEC’s first public steps to address crypto-market uncertainty after the implosion of FTX, which filed for bankruptcy last month.

Under that guidance, companies should address the general impact of crypto-asset market developments and look at whether they have counterparty risk exposure. In addition, they should consider risks related to a company’s liquidity and ability to get financing, and legal and regulatory issues, according to the guidance.

FTX faces several federal probes, including by the SEC.

Agency staff who scrutinize public companies’ disclosures will be watching for details on how crypto industry bankruptcies — and their knock-on effects — might have affected firms, according to one of the sample comments in the guidance. 

“Clarify whether you have material assets that may not be recovered due to the bankruptcies or may otherwise be lost or misappropriated,” the staff urged. 

Companies should also explain how they’re taking steps to safeguard customers’ crypto assets and policies or procedures in place to prevent self-dealing or conflicts of interest, the sample letter said.

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