- SEC permits broker-dealers to deal with eligible USD stablecoins as prepared market property with a 2% haircut.
- SEC workers steering classifies sure USD stablecoins as money equivalents for web capital calculations.
- Dealer-dealers can apply a 2% haircut to USD-pegged stablecoins when assembly web capital guidelines.
SEC Steerage Turns USD Stablecoins Into Tradable Money Equivalents after new clarification from the U.S. Securities and Change Fee’s Division of Buying and selling and Markets.
The workers issued up to date steering permitting broker-dealers to deal with eligible USD-pegged fee stablecoins as having a “prepared market” underneath the Internet Capital Rule. The method permits corporations to use a 2% haircut when calculating web capital.
SEC Employees Defines Capital Remedy for Stablecoins
The clarification seems in a newly added FAQ underneath the Fee’s crypto asset steering. It addresses how broker-dealers ought to calculate web capital for proprietary positions in fee stablecoins. The response is dated February 19, 2026.
In response to the workers, it is not going to object if a broker-dealer treats a proprietary place in a fee stablecoin as having a prepared market underneath Rule 15c3-1. This designation permits the asset to be handled equally to sure liquid devices. Dealer-dealers could apply a 2% haircut to the market worth of the larger of the lengthy or brief place.
🚨New: SEC workers releases steering permitting dealer sellers to deal with eligible USD pegged stablecoins as money equivalents underneath the online capital rule, topic to a 2% haircut.
The clarification removes prior uncertainty and will speed up stablecoin acceptance as collateral… pic.twitter.com/oro5Fwd44N
— SolanaFloor (@SolanaFloor) February 23, 2026
The steering applies to eligible USD-pegged fee stablecoins. The haircut is utilized in figuring out compliance with minimal web capital necessities. The workers assertion kinds a part of broader FAQs associated to crypto asset actions.
How the Internet Capital Rule Applies
Rule 15c3-1, often called the Internet Capital Rule, units monetary accountability requirements for broker-dealers. Companies should preserve liquid property and deduct prescribed haircuts from proprietary positions. These deductions goal to account for potential market threat.
Belongings thought of to have a prepared market usually obtain decrease haircuts. The workers’s clarification locations sure fee stablecoins inside this framework. This therapy aligns them with different liquid monetary devices for capital calculation functions.
The doc states that the steering displays the views of the Division of Buying and selling and Markets. It’s not a rule or regulation of the Fee. The Fee has neither accepted nor disapproved the workers’s responses.
Broader Regulatory Context for Crypto Belongings
The FAQ replace seems alongside different responses regarding broker-dealer custody and crypto asset securities. Earlier steering addressed management necessities underneath Rule 15c3-3. These responses centered on safeguarding buyer property and sustaining possession or management.
The workers reiterated that its statements carry no authorized power. They don’t amend current guidelines and don’t create new obligations. Dealer-dealers stay liable for compliance with federal securities legal guidelines.
The inclusion of fee stablecoins within the Internet Capital Rule steering displays ongoing regulatory engagement with digital property. Dealer-dealers could now reference the two% haircut framework when holding eligible USD-pegged stablecoins as proprietary positions.