FASB to Explore Crypto Accounting Following Trump Group Recommendation — Market Talk
The Financial Accounting Standards Board will evaluate whether to set new rules around certain cryptocurrency issues following a recommendation from a working group President Trump set up to support the industry. The standard setter will seek public feedback on what crypto assets may qualify as cash equivalents, as well as accounting for transfers of crypto, Chair Rich Jones said Wednesday. "These are all ways of getting more information for our board to consider in the future to see if there's a project there for us," Jones said. The FASB in 2023 set a new requirement for businesses to use fair-value accounting for bitcoin and certain other crypto assets. That rule excluded nonfungible tokens, or NFTs, and certain stablecoins. The FASB recently faced scrutiny from lawmakers as House Republicans proposed holding up its funding unless it pulls forthcoming tax-disclosure requirements. ([email protected]; @markgmaurer)