Stablecoin issuer Circle Internet Group Inc. and others in the cryptocurrency industry are pushing for clarity on whether increasingly popular digital tokens with values pegged to underlying assets can be treated similarly to cash in corporate financial reports.
US accounting rulewriters will meet Wednesday to consider adding a project addressing that hot-button question to their technical agenda, as well as discuss broader crypto-related feedback. The Financial Accounting Standards Board's first crypto rules, published in 2023, focus more narrowly on other digital currencies like Bitcoin and Ether that meet the definition of intangible assets.