Here’s what happened in crypto today

Today in crypto, the Financial Accounting Standards Board (FASB) has proposed guidance outlining when companies may classify certain stablecoins as cash equivalents. Metaplanet unveiled plans to extend its Bitcoin treasury strategy into the US through a deal involving 2,100 BTC, while South Korea moved to block Polymarket over gambling concerns.

US accounting board FASB proposes conditions for stablecoins as cash equivalents

The FASB has proposed guidance outlining when companies may classify certain stablecoins as cash equivalents under generally accepted accounting principles in the United States. 

On Tuesday, the FASB said the proposed Accounting Standards Update would add illustrative examples to the current definition, addressing inconsistent treatment of digital assets such as stablecoins. The definition itself would remain unchanged. 

The proposal says a qualifying digital asset would need an on-demand contractual redemption right, a direct redemption right with its issuer for a known cash amount and at least one-to-one segregated reserves held in short-term, highly liquid assets. 

One example said active secondary markets would not be enough if the holder lacks a direct issuer redemption right. Another example said reserves comprising crypto assets and gold would disqualify a token due to valuation risks. 

Companies would retain the choice of whether to present qualifying assets as cash equivalents and would need to consider relevant laws and regulations. 

FASB is accepting public comments on the proposed update until Nov. 19. The organization will set an effective date after reviewing stakeholder feedback. 

Metaplanet takes Bitcoin treasury strategy to US with 2,100 BTC deal

Metaplanet plans to contribute 2,100 Bitcoin to Nasdaq-listed Super League Enterprise as part of a deal that would establish a US arm for its Bitcoin treasury strategy.

The Tokyo-listed company would take a controlling stake in Super League, which is set to be renamed Superplanet and serve as Metaplanet’s US Bitcoin treasury platform. The 2,100 BTC, worth roughly $135 million at current prices, will come from Metaplanet’s existing 43,000 BTC holdings, meaning the transaction does not involve a new Bitcoin purchase.

CEO Simon Gerovich said the structure could give the group access to capital markets in both the US and Japan, while allowing Superplanet to pursue US acquisitions.

The transaction is expected to close in the fourth quarter of 2026, subject to shareholder approval and other conditions. Super League shares jumped more than 50% following the announcement, while trading volume surged.

South Korea moves to block Polymarket over gambling concerns

South Korean authorities have ordered access to Polymarket to be blocked after determining that the crypto prediction market provides an illegal gambling environment to users in the country.

The country’s media and communications review commission said Tuesday that Polymarket falls under information that facilitates gambling or the opening of a gambling venue under the Criminal Act, as well as prohibited analogous betting activity under the National Sports Promotion Act.

The regulator said Polymarket’s winner-takes-all structure, where users can gain or lose money based on outcomes including politics, sports and weather, encourages speculative gambling behavior. It also cited Polymarket’s role in operating markets, setting trading rules, providing crypto deposit, withdrawal and settlement systems and collecting transaction fees.

In its statement to the commission, Polymarket argued that it had removed Korean-language services, does not support payments in Korean won and operates through noncustodial transactions and smart contracts rather than directly managing user funds.

The commission rejected those arguments, saying technical characteristics such as decentralization, trading interfaces and order books do not exempt a service from South Korean law.