BlockBeats News, February 21st. The U.S. Securities and Exchange Commission (SEC) updated the "Rule 15c3-1" (Net Capital Rule) Q&A on its website on February 19th, clarifying the haircut treatment for broker-dealers when calculating net capital for proprietary payment stablecoin positions.The answer indicates that if a broker-dealer designates its proprietary holdings of payment stablecoins as having a "ready market" under "Rule 15c3-1", then when calculating net capital, a 2% haircut should be taken on the larger of the long or short proprietary position's market value. Under this treatment, SEC staff will not object.SEC Crypto Czar Hester Peirce promptly issued a statement in support of this treatment. She emphasized that stablecoins are a critical piece of blockchain payment and trading infrastructure, and appropriate capital treatment helps broker-dealers better utilize stablecoins in custody, settlement, and tokenized securities-related activities. She believes that compared to a 100% haircut that some brokers may prudently apply, a 2% haircut is more aligned with the reserves backing payment stablecoins, which are primarily composed of U.S. dollars and high-quality short-term assets.

#SEC