U.S. SEC Commissioner: Plans to amend rules to clarify the regulatory framework for payment stablecoins, supporting a 2% capital deduction for payment stablecoins

Commissioner Hester Peirce of the U.S. Securities and Exchange Commission wrote that she hopes to amend Rule 15c3-1 to more clearly cover payment stablecoins.

Currently, the agency has released an FAQ that clarifies the regulatory treatment of payment stablecoins under the broker-dealer net capital rule framework, which mainly includes:

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 raise objections.

2. Before the enactment of the GENIUS Act, "payment stablecoins" must be dollar-denominated, issued by state-regulated money transmission companies, state-regulated trust companies, or national trust banks, and meet conditions such as reserve asset requirements, redemption policy disclosures, and monthly attestation reports issued by certified public accountants; after the enactment of the act, they must comply with the definitions and requirements for "payment stablecoins" and "compliant issuers" as set forth in the GENIUS Act.