• SEC quietly updates FAQ, allowing broker‑dealers to count stablecoins as regulatory capital. • Stablecoins now receive only a 2% haircut, up from 100% exclusion. • This change aligns stablecoins with money‑market funds in capital calculations. • The tweak reduces uncertainty for firms navigating current securities regulations. • Guidance reflects SEC’s ongoing Project Crypto informal policy evolution. • Brokers can now leverage USDC, USDT holdings to strengthen capital buffers.

Article Summaries:

  • The U.S. Securities and Exchange Commission (SEC) quietly updated its “Broker Dealer Financial Responsibilities” FAQ to allow broker‑dealers to count stablecoin holdings-such as USDC and USDT-as regulatory capital with only a 2 % haircut. Previously, stablecoins were treated as 100 % haircuts and excluded from capital calculations. The change, issued through informal guidance rather than a formal rule, aims to reduce uncertainty for firms and could broaden broker‑dealers’ ability to provide liquidity, settle trades, and support tokenized securities. The SEC’s Crypto Task Force, led by Commissioner Hester Peirce, noted the move may enable broader crypto‑related business activities.

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