U.S. Accounting Standards Are Finally Catching Up to Crypto
By Lidia Yadlos
In 2026, U.S. accounting rules may take a meaningful step closer to the realities of digital assets. According to reporting from The Wall Street Journal, the Financial Accounting Standards Board (FASB) plans to explore whether certain crypto assets—including some stablecoins—could qualify as cash equivalents, alongside broader guidance on how companies should account for crypto transfers across blockchains.
It’s a move that signals more than technical housekeeping. It reflects how quickly crypto is being pulled into the financial mainstream, particularly as U.S. policy turns more supportive under the Trump administration.
Stablecoins Under the Accounting Microscope
One of the key questions FASB will examine is whether some stablecoins—typically pegged to fiat currencies—should be treated like cash on corporate balance sheets.
The issue gained urgency after President Trump signed the Genius Act into law, establishing a regulatory framework for stablecoins and formally integrating them into the U.S. financial system. While the law created guardrails, it deliberately avoided defining what counts as a cash equivalent for accounting purposes—leaving that decision to FASB.
FASB Chair Rich Jones emphasized that clarity cuts both ways. Determining what doesn’t qualify as a cash equivalent is just as important as identifying what does.
Crypto Transfers Still Live in a Gray Area
Beyond stablecoins, FASB is also preparing to address how companies account for crypto asset transfers, including wrapped tokens that represent assets across different blockchains.
This builds on the board’s 2023 decision to require fair-value accounting for bitcoin and other crypto assets—a rule that closed a major gap in U.S. GAAP but left out NFTs and certain stablecoins.
Despite that progress, accounting professionals say uncertainty remains.
“There’s still a giant hole in GAAP when it comes to deciding when crypto should be removed from the balance sheet versus when it shouldn’t,” said Scott Ehrlich, managing director at Mind the GAAP, in comments cited by the WSJ.
Politics, Policy, and Pressure
The renewed focus on crypto accounting comes amid broader political shifts. President Trump has rolled out explicitly pro-crypto policies, paused enforcement actions against parts of the industry, and backed efforts to normalize digital assets within traditional finance.
Some critics argue that crypto’s appearance on FASB’s agenda is driven more by politics than adoption. Only a handful of public companies—such as Tesla, Block, and Strategy—currently hold bitcoin on their balance sheets.
Still, supporters point out that stablecoin adoption is expected to accelerate sharply after 2027, once the Genius Act’s framework fully takes effect. At that point, clear accounting standards may be less optional and more essential.
Why This Matters
Accounting standards shape behavior. How assets are classified affects balance sheets, risk disclosures, capital allocation, and investor confidence.
If stablecoins begin to qualify as cash equivalents—or even sit closer to that category—it could fundamentally change how companies use them for payments, treasury management, and cross-border transactions.
As the Wall Street Journal notes, the Securities and Exchange Commission is watching closely. Crypto assets don’t fit neatly into existing accounting models, and whatever standards emerge will likely influence how public companies approach digital assets for years to come.
Published on Blockster