US SEC Commissioner: Proposed rule revisions to clarify the regulatory framework for payment-based stablecoins, supporting a 2% capital deduction for such stablecoins.

PANews reported on February 21 that Hester Peirce, Commissioner of the U.S. Securities and Exchange Commission (SEC), wrote an article stating his desire to revise Rule 15c3-1 to more clearly cover payment-based stablecoins. The SEC has already released a FAQ (Frequently Asked Questions) clarifying the regulatory treatment of payment-based stablecoins under the broker-dealer net capital rule framework, mainly including:

1. If brokerage firms apply a 2% haircut to their proprietary payment stablecoin assets when calculating net capital, regulators will not raise any objections.

2. Before the GENIUS Act came into effect, "payment stablecoins" were required to be denominated in US dollars, issued by state-regulated remittance agencies, state-regulated trust companies, or national trust banks, and meet requirements such as reserve assets, redemption policy disclosure, and monthly audit reports issued by certified public accountants. After the Act came into effect, they were required to comply with the GENIUS Act's definitions and requirements for "payment stablecoins" and "compliant issuers."