A version of this story appeared in The Guidance newsletter on February 23. Sign up here. Stablecoins are getting another facelift — or, rather, haircut. Late last week, the US Securities and Exchange Commission announced that broker-dealers needn’t treat dollar-pegged cryptocurrencies with the same risk profile as before. Instead, Commissioner Hester Peirce clarified that the SEC would not object if a broker-dealer applied a 2% haircut to stablecoins. It’s a key regulatory change that will likely make ...