The US Federal Accounting Standards Advisory Board (FASAB) has issued a statement regarding the treatment of seized crypto assets. According to the statement, these assets should be considered "non-monetary property". This move aims to standardize the accounting and reporting of seized and confiscated digital assets.

FASAB's Technical Bulletin explains that cryptocurrencies lack the characteristics of monetary assets, such as being a unit of accounting, medium of exchange, or store of value. However, central bank digital currencies (CBDCs) are recognized as official digital forms of government-backed money and should be treated as monetary instruments.

All other digital assets, including cryptocurrencies, stablecoins, non-fungible tokens (NFTs), security tokens, and privacy coins, are considered non-monetary property. The bulletin notes that these assets are not widely accepted as a form of payment and do not have the same features as fiat money, such as being backed by institutions and a sovereign nation's legal system.

The statement advises reporting entities to determine the market value of seized and foreclosed digital assets using a publicly observable active market. This clarification aims to provide consistency in accounting and reporting practices for government entities dealing with digital assets.

In conclusion, the US government's statement provides guidance on the treatment of cryptocurrencies and other digital assets. While CBDCs are recognized as monetary instruments, other digital assets are considered non-monetary property. This clarification aims to standardize accounting and reporting practices for government entities dealing with digital assets.