The U.S. Securities and Exchange Commission has issued new guidance allowing broker-dealers to apply a 2% capital haircut on proprietary positions held in certain stablecoins.
Released by the SEC’s Division of Trading and Markets, the guidance addresses customer protection rules that require firms to maintain capital buffers to safeguard client assets.
The staff clarified that it would not object to the haircut approach when stablecoins are used as proprietary positions. SEC Commissioner Hester Peirce said the guidance could allow broker-dealers to engage in a broader range of activities related to tokenized securities and crypto assets.
The move marks another step in the SEC’s evolving stance toward digital assets, following initiatives such as Project Crypto and preparations to implement the GENIUS Act’s stablecoin framework.
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