The SEC has issued new guidance allowing broker-dealers to apply a 2% haircut to proprietary positions in stablecoins when calculating collateral asset value, helping to reduce the discount requirements compared to previous practices.
According to the SEC’s Division of Trading and Markets, the agency will not oppose broker-dealers using a 2% haircut within the framework of customer asset protection rules. A haircut is the percentage reduction in asset value when used as collateral to reflect risk — the more volatile the asset, the higher the haircut. Previously, some brokerages applied up to 100% haircut on stablecoins.
Commissioner Hester Peirce stated that stablecoins are an important component of blockchain infrastructure transactions and can help broker-dealers expand activities related to tokenized securities and crypto assets.
Industry experts believe this change brings stablecoins closer to money market funds, thereby lowering barriers to integration into the traditional financial system and improving payment efficiency.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Crypto .com receives conditional approval from the US OCC and plans to apply for a federal national bank charter
BlockBeats News, February 23 — Cryptocurrency trading platform Crypto.com announced on Monday that it has received conditional approval from the U.S. Office of the Comptroller of the Currency, allowing it to apply for a federally chartered national bank license in the future. This approval will enable Crypto.com to offer digital asset custody and staking services under the federal regulatory framework.
GateNewsBot42m ago
What signals did the US SEC send behind the new 2% discount regulation for stablecoins?
Author: Tonya M. Evans
Translation: Odaily Planet Daily Golem
On February 19, the U.S. Securities and Exchange Commission (SEC) Trading and Marketing Division released a new FAQ clarifying how broker-dealers should handle payment stablecoins under the net capital rule. Subsequently, SEC Cryptocurrency Working Group Chair Hester Peirce issued a statement titled "A 2% Discount Will Do."
Peirce stated that if broker-dealers apply a "2% discount" to their own positions in qualifying payment stablecoins when calculating net capital, rather than a punitive 100% discount, SEC staff would not object.
Although this may sound somewhat obscure, this accounting adjustment could be the beginning of a softening of the SEC's stance on cryptocurrencies since early 2025.
区块客2h ago
FED Kashkari blasts: Cryptocurrencies are "useless," stablecoins are a "hodgepodge of buzzwords"
Federal Reserve Chair Neel Kashkari strongly questions the practicality of cryptocurrencies, believing they have yet to prove any value, and compares their potential to that of artificial intelligence. He criticizes stablecoins for not bringing substantial upgrades to the financial system and argues that their advantages mainly do not target American consumers, highlighting his skepticism towards cryptocurrencies and contrasting with the government's supportive stance.
区块客5h ago
Central Bank of Brazil to Advance Institutional VASP Regulation by 2027
The central bank will focus on designing a regulatory framework for the so-called institutional VASPs, defined as organizations that operate infrastructure and provide crypto services to other institutions. The move would bring clarity to companies like Fireblock, Ripple, and Bitgo in the
Coinpedia7h ago
U.S. SEC Officially Reprices Stablecoin Risk, Boosting TradFi Integration
The U.S. SEC's recent policy change allows broker-dealers to treat certain dollar-pegged stablecoins as near-cash instruments. This change reduces capital requirements and encourages the integration of stablecoins into traditional finance, promoting efficiency and wider adoption in financial markets.
BlockChainReporter7h ago
The Bank of Korea calls on regulators to restrict the issuance of Korean won stablecoins to licensed commercial banks.
BlockBeats News, February 23, According to Cointelegraph, the Bank of Korea has called on regulators to restrict the issuance of Korean won-denominated stablecoins to licensed commercial banks, citing concerns over money laundering risks and financial stability.
GateNewsBot8h ago
