US Federal Accounting Standards Advisory Committee: Seized crypto assets should be treated as non-monetary property

According to WuSay, the Federal Accounting Standards Advisory Board (FASAB) said that seized crypto assets should be considered "non-monetary property" while central bank digital currencies (CBDCs) should be considered monetary instruments. FASAB said that cryptocurrencies "generally do not possess all the characteristics of currencies," emphasizing that they "cannot effectively serve as a unit of account, medium of exchange, or store of value."

FASAB recommends that reporting entities use “publicly observable, active markets for specific digital assets” to determine the market value of seized and confiscated digital assets, noting that management should exercise judgment in selecting the most appropriate valuation market.