Opening the door: SEC issues guidance on brokers’ capital stablecoin requirements
The SEC issued guidance allowing broker-dealers to apply a 2% haircut to proprietary stablecoin positions.Summary
The U.S. Securities and Exchange Commission (SEC), through its Division of Trading and Markets, issued new guidance allowing broker-dealers to apply a "2% haircut" to their proprietary positions in certain stablecoins when safeguarding customer assets. This guidance addresses a customer protection rule and effectively treats these stablecoins similarly to money market funds, which often hold U.S. Treasuries and short-term government securities. Previously, some brokers imposed a 100% haircut, making stablecoin holdings unaffordable. SEC Commissioner Hester Peirce supported the move, stating stablecoins are essential for blockchain transactions and this will enable brokers to engage in more activities related to tokenized securities and crypto assets. Industry experts view this as a significant step toward integrating stablecoins into traditional finance, promising better liquidity and more efficient settlement.
(Source：The Block)