Is ETH to STETH taxable?

Could you please clarify whether the conversion of ETH to STETH is subject to taxation? I'm curious about the tax implications of this transaction as it involves cryptocurrency. Would it be considered a taxable event? If so, how would the tax be calculated? Is there any specific guidance or regulations that govern this type of transaction? It would be helpful to know how this affects my overall tax liability. Thank you for your assistance in clarifying this matter.