FASB to Explore Stablecoin Classification and Crypto Asset Accounting by 2026

According to Foresight News, the Financial Accounting Standards Board (FASB) plans to investigate whether certain stablecoins qualify as 'cash equivalents' by 2026. The board will also study the accounting treatment for crypto asset transfers, including wrapped tokens. This initiative is set against the backdrop of the Trump administration's push for crypto policies and the passage of the Genius Act. FASB Chairman Rich Jones stated that these crypto projects have been added to the agenda. Previously, in 2023, FASB required companies to apply fair value accounting for crypto assets like Ethereum and Bitcoin, although this rule excluded NFTs and certain stablecoins.