- SEC allows broker-dealers to treat eligible USD stablecoins as ready market assets with a 2% haircut.
- SEC staff guidance classifies certain USD stablecoins as cash equivalents for net capital calculations.
- Broker-dealers can apply a 2% haircut to USD-pegged stablecoins when meeting net capital rules.
SEC Guidance Turns USD Stablecoins Into Tradable Cash Equivalents after new clarification from the U.S. Securities and Exchange Commission’s Division of Trading and Markets.
The staff issued updated guidance allowing broker-dealers to treat eligible USD-pegged payment stablecoins as having a “ready market” under the Net Capital Rule. The approach permits firms to apply a 2% haircut when calculating net capital.
SEC Staff Defines Capital Treatment for Stablecoins
The clarification appears in a newly added FAQ under the Commission’s crypto asset guidance. It addresses how broker-dealers should calculate net capital for proprietary positions in payment stablecoins. The response is dated February 19, 2026.
According to the staff, it will not object if a broker-dealer treats a proprietary position in a payment stablecoin as having a ready market under Rule 15c3-1. This designation allows the asset to be treated similarly to certain liquid instruments. Broker-dealers may apply a 2% haircut to the market value of the greater of the long or short position.
🚨New: SEC staff releases guidance allowing broker dealers to treat eligible USD pegged stablecoins as cash equivalents under the net capital rule, subject to a 2% haircut.
The clarification removes prior uncertainty and could accelerate stablecoin acceptance as collateral… pic.twitter.com/oro5Fwd44N
— SolanaFloor (@SolanaFloor) February 23, 2026
The guidance applies to eligible USD-pegged payment stablecoins. The haircut is used in determining compliance with minimum net capital requirements. The staff statement forms part of broader FAQs related to crypto asset activities.
How the Net Capital Rule Applies
Rule 15c3-1, known as the Net Capital Rule, sets financial responsibility standards for broker-dealers. Firms must maintain liquid assets and deduct prescribed haircuts from proprietary positions. These deductions aim to account for potential market risk.
Assets considered to have a ready market generally receive lower haircuts. The staff’s clarification places certain payment stablecoins within this framework. This treatment aligns them with other liquid financial instruments for capital calculation purposes.
The document states that the guidance reflects the views of the Division of Trading and Markets. It is not a rule or regulation of the Commission. The Commission has neither approved nor disapproved the staff’s responses.
Broader Regulatory Context for Crypto Assets
The FAQ update appears alongside other responses concerning broker-dealer custody and crypto asset securities. Earlier guidance addressed control requirements under Rule 15c3-3. Those responses focused on safeguarding customer assets and maintaining possession or control.
The staff reiterated that its statements carry no legal force. They do not amend existing rules and do not create new obligations. Broker-dealers remain responsible for compliance with federal securities laws.
The inclusion of payment stablecoins in the Net Capital Rule guidance reflects ongoing regulatory engagement with digital assets. Broker-dealers may now reference the 2% haircut framework when holding eligible USD-pegged stablecoins as proprietary positions.
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
The U.S. Treasury Secretary urges Congress to pass the "Clarity Act" and establish a regulatory framework for digital assets
U.S. Treasury Secretary Bessent urged Congress to pass the “Clear Act” as soon as possible to establish a clear regulatory framework for digital assets. He noted that cryptocurrencies have been widely adopted and emphasized that the United States must proactively maintain its leadership position in global financial regulation.
GateNews16m ago
SEC sharply criticizes Gary Gensler’s era for “enforcing for headline purposes,” announcing an end to aggressive crypto regulation and a return to targeting real fraud
The U.S. Securities and Exchange Commission (SEC) released its 2025 fiscal year enforcement report, disclosing 456 actions and $17.9 billion in penalties, and emphasizing a return to the core of preventing fraud. The newly appointed chair, Atkins, harshly criticized the prior administration’s aggressive regulation and adjusted its enforcement approach toward cryptocurrencies, established a new division to combat technology-based scams, and is committed to protecting investors.
動區BlockTempo18m ago
SEC crypto safe harbor proposal submitted for review! Eligible crypto projects can launch without registration
The SEC Chair Paul Atkins confirmed that the cryptocurrency “safe harbor” framework has been submitted to the White House for review. The proposal includes exemptions for newly created and investment contracts to promote the regulation and innovation of digital assets. This move has sparked lively debate within the financial industry and among cryptocurrency advocates, and going forward efforts will be made to strike a balance between protecting investors and promoting innovation.
CryptoCity20m ago
South Korea is drafting a Digital Assets Framework Act, and stablecoin issuance must obtain bank-level authorization
The Democratic Party of Korea introduced the “Digital Assets Basic Act,” establishing a digital asset regulatory framework, including issuance requirements for stablecoins and rules governing market conduct. In addition, the Financial Services Commission requires exchanges to implement a uniform withdrawal delay to combat voice scams. The core of the bill centers on a dispute over the eligibility requirements for stablecoin issuance, with the central bank and the Financial Services Commission taking different positions.
MarketWhisper45m ago
New U.S. FDIC rules! Stablecoin reserves face strict requirements and are not covered by the $250k per-person deposit insurance benefit
The U.S. FDIC has introduced a regulatory framework for stablecoins, requiring a 1:1 reserve, liquidity, and a redemption window within two days. The bill does not apply deposit insurance and is intended to ensure stability in the financial system. The FDIC has clearly set capital requirements and limits on earnings, and has clarified the security and compliance of stablecoins. This proposal is currently in a public comment period.
CryptoCity59m ago
Gate Daily Report (April 9): New SEC Enforcement Chief Controversy; U.S. Treasury Department Urges Stablecoin Issuers to Comply
Bitcoin (BTC) gives back the overnight gains, temporarily trading at around $70,650 on April 9. The U.S. SEC appointed David Woodcock as its new Enforcement Director, after concerns were raised about how crypto cases would be handled following the departure of the prior official. The U.S. Treasury is planning to require stablecoin issuers to take on anti-money-laundering and sanctions compliance obligations.
MarketWhisper2h ago
