Bloomberg Tax
Feb. 1, 2023, 4:18 PMUpdated: Feb. 1, 2023, 6:26 PM

Crypto Token Creators to Be Excluded From US Accounting Plan (1)

Nicola M. White
Nicola M. White

Crypto tokens created or issued by a company or any related parties will be excluded from long-awaited crypto guidance that US accounting rulemakers plan to propose this spring, a unanimous Financial Accounting Standards Board voted Wednesday.

Wrapped tokens—digital tokens that allow crypto from one blockchain to be used on another—also will be excluded from the proposed guidance, the board said.

The final-touch clarifications put FASB on track to issue a proposal for requiring companies such as software firm MicroStrategy Inc. and automaker Tesla Inc. that hold bitcoin and other cryptocurrencies on their balance sheets to record them at fair value—a ...