SEC clarifies broker-dealer capital rules: 2% haircut on stablecoin positions

The SEC's Division of Trading and Markets issued guidance on Thursday allowing broker-dealers to apply a 2% haircut to proprietary positions in certain payment stablecoins. Commissioner Hester Peirce said the change could enable brokers to expand activities involving tokenized securities and other crypto assets. Industry voices added it may reduce friction by aligning treatment with money-market funds.