SEC makes quiet shift to brokers' stablecoin holdings that may pack big results
The SEC now allows broker-dealers to count 98% of stablecoin holdings as regulatory capital, a significant policy change.Summary
The U.S. Securities and Exchange Commission (SEC) has quietly updated its 'Broker Dealer Financial Responsibilities' FAQ, allowing regulated broker-dealers to treat stablecoin holdings, like USDC and USDT, as regulatory capital with a 2% haircut. This means firms can count 98% of these holdings, a major shift from the previous understanding where stablecoins were effectively zeroed out (100% haircut). Industry experts note this change treats stablecoins similarly to money market funds, enabling broker-dealers to more easily custody tokenized securities, provide liquidity, and advance tokenized finance. SEC Commissioner Hester Peirce supported the change, stating it makes a broader range of crypto asset business activities feasible. However, the article notes that this informal guidance lacks the legal weight of a formal rule and could be easily reversed by future leadership, reinforcing calls from crypto advocates for clearer legislation from Congress.
(Source：CoinDesk)