SEC Updates Crypto FAQ on Cross-Asset Trading and 2% Capital Rule for Payment Stablecoins

The SEC updated its crypto FAQ to clarify that exchanges and alternative trading systems may offer trading between crypto asset securities and nonsecurity assets such as Bitcoin, and that broker-dealers may apply a 2% net capital requirement to qualifying payment stablecoins. The guidance specifies that platforms operating as exchanges or ATSs can facilitate markets where a crypto asset security is traded directly against a nonsecurity asset. The updated FAQ addresses how trading pairs between crypto asset securities and nonsecurity assets including Bitcoin can be offered, and how the 2% net capital requirement applies to qualifying payment stablecoins for broker-dealers.