US SEC Commissioner: Supports 2% Capital Deduction for Payment Stablecoins and Will Promote Rule Amendments
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Jinse Finance reported that Hester Peirce, Commissioner of the U.S. Securities and Exchange Commission, stated that she hopes to revise Rule 15c3-1 to more clearly cover payment stablecoins. The agency has now issued an FAQ to clarify the regulatory approach to payment stablecoins under the broker-dealer net capital rule framework, mainly including: 1. If a broker-dealer applies a 2% capital haircut to its proprietary holdings of payment stablecoin assets when calculating net capital, regulators will not object. 2. Before the GENIUS Act takes effect, "payment stablecoins" must be denominated in U.S. dollars, issued by state-regulated money transmitters, state-regulated trust companies, or national trust banks, and meet requirements for reserve assets, redemption policy disclosure, and monthly attestation reports issued by certified public accountants; after the Act takes effect, they must comply with the GENIUS Act's definitions and requirements for "payment stablecoins" and "compliant issuers."
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