SEC Updates Broker-Dealer FAQs to Allow Stablecoins in Regulatory Capital

The SEC updated its Broker-Dealer Financial Responsibility FAQ in the week of February 21 to permit regulated broker-dealers to include held stablecoins in regulatory capital calculations, BlockBeats reports. Cody Carbone, CEO of the Digital Chamber, said the clarification reduces uncertainty for institutions complying with existing securities laws, while Tonya Evans noted on X that stablecoins are now treated on corporate balance sheets similarly to money market funds, after some broker-dealers previously assigned them zero value. Larry Florio of Ethena Labs wrote on LinkedIn that these calculations underpin operations from Robinhood to Goldman Sachs and that stablecoins have effectively become operating capital. SEC Commissioner Hester Peirce, who leads the Crypto Task Force, stated the use of stablecoins will allow broker-dealers to engage in a wider range of tokenized securities and crypto asset activities, and said she is considering adjustments to existing rules for payment stablecoins.