Following the Genius Act signed by President Trump, the U.S. accounting standards body will assess stablecoins as cash equivalents and develop rules for wrapped tokens and crypto asset derecognition.
The Financial Accounting Standards Board (FASB) will study in 2026 whether certain stablecoins qualify as cash equivalents and create accounting guidance for cryptocurrency transfers, including wrapped tokens and asset derecognition. This move, prompted by the Genius Act signed by President Trump, aims to address gaps in Generally Accepted Accounting Principles (GAAP) for digital assets. Chairman Rich Jones confirmed these projects have been formally added to FASB’s agenda, expanding on prior rules for fair value measurement of Bitcoin and Ethereum that excluded NFTs and some stablecoins.