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Fed's Z.1 Overhaul Omits Crypto Despite Scalable Design
The Fed rebuilt its Z.1 balance sheet tables for scalability but omitted crypto entirely. The omission signals a data gap that persists even as millions of Americans hold digital assets.
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The Federal Reserve published its quarterly Financial Accounts of the United States on June 11, 2026, covering first-quarter data. The release came with a sweeping reorganization of the report's structure, the most significant formatting change in years. What it didn't come with: any mention of crypto assets, tokens, or the broader digital asset economy.
The Z.1 report is the Fed's comprehensive accounting of who owns what in America. It tracks balance sheets across households, nonprofits, nonfinancial businesses, and other sectors. This particular release featured a complete renumbering and reorganization of all accompanying tables. The goal was to align the data more closely with the System of National Accounts coding guidelines, an international framework that makes it easier to compare US financial data with other countries.
The changes improve both international comparability and scalability, meaning the structure can more easily accommodate new categories of data in the future. Preview materials were made available starting May 22, 2026, along with a mapping CSV file and new technical documentation to help analysts navigate the updated format.