SEC Updates Crypto FAQ: Broker-Dealers Can Treat Payment Stablecoins as “Ready Market”

Key Takeaways SEC staff will not object to a 2% haircut on proprietary “payment stablecoin” positions for broker-dealer net capital. The haircut is taken on the greater of the long or short position (not netted). The guidance is staff-level and applies only to “payment stablecoins” as defined in the FAQ. The Securities and Exchange Commission (SEC)’s Division of Trading and Markets has issued a narrow but consequential clarification for broker-dealers that hold stablecoins on their own books. In ...