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The SEC Updates the US Dollar Stablecoin Accounting Rules Staff Guide, With Some Stablecoins Being Considered as Cash
BlockBeats News, August 5th, the U.S. Securities and Exchange Commission (SEC) has updated its staff guidance on stablecoin accounting rules. The core content of the new guidance is that if a stablecoin pegged to the U.S. dollar has a collateralized redemption mechanism and its value stability is pegged to another type of asset, it may be classified as "cash equivalent".
While the SEC is developing broader cryptocurrency regulatory rules, this latest interim guidance is part of Chairman Paul Atkins's push to remove restrictive measures. For example, in April of this year, the SEC clearly stated that a "covered" U.S. dollar stablecoin is not considered a security and confirmed that entities engaging in stablecoin issuance and redemption activities do not need to register with the agency for such activities.
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