US SEC Grants Limited Recognition to Stablecoins in Capital Rules Overhaul

The U.S. Securities and Exchange Commission has quietly reshaped Wall Street's crypto integration playbook. A new FAQ document reveals broker-dealers may now apply a 2% haircut on proprietary stablecoin holdings when calculating net capital requirements under Rule 15c3-1.

This technical adjustment signals regulators' growing acceptance of blockchain infrastructure for financial transactions. The guidance specifically acknowledges stablecoins' role in facilitating tokenized securities and digital asset markets—a nod to the industry's maturation.

Division of Trading and Markets staff emphasized the policy reflects evolving thinking on digital assets. While stopping short of formal rule changes, the SEC hinted at future updates to fully accommodate payment stablecoins within capital frameworks.