Commissioner Peirce stated:
Peirce further stated:
FAQ ⏰ What did the SEC say about payment stablecoins under the net capital rule? SEC staff said they would not object to broker-dealers applying a 2% haircut to proprietary positions in payment stablecoins when calculating net capital. How does Exchange Act Rule 15c3-1 apply to payment stablecoins? The guidance clarifies that existing net capital standards can apply to payment stablecoins within the current broker-dealer regulatory framework. Does the SEC’s crypto FAQ create new legal obligations for broker-dealers? No, the staff stated the FAQ reflects staff views only and creates no new obligations or amendments to applicable law. What changes to Rule 15c3-1 did Hester Peirce suggest? Peirce said she would like the Commission to consider amending Rule 15c3-1 to better account for payment stablecoins.
