Kathy, no the current FASB rules are not sufficient, because (i) SAFEs are not essentially warrants (warrants give the holder the present right to purchase equity at a specific price — the decision to exercise or not is entirely within the power of the warrant holder; but SAFEs are different — the holder may, or may not, get future equity, based on future events that are entirely outside the control of the SAFE holder); and (ii) the SEC is forcing small company registrants to classify SAFEs as liabilities (actually debt derivatives!) which is not consistent with the nature of SAFEs and is very harmful to small companies.