US SEC issues interim stablecoin accounting guidance

The U.S. Securities and Exchange Commission (SEC) is moving further ahead with preliminary cryptocurrency accounting rules, issuing a new staff guidance stating that certain stablecoins can be treated as cash.

The interim guidance comes as the SEC develops its own rules for crypto-securities. Under Chairman Paul Atkins, the commission has begun rolling back some of its more restrictive policies, including accounting guidelines that were previously seen as a barrier for traditional lenders entering the crypto market.

Under the latest guidance, holdings of certain dollar-pegged stablecoins can be classified as cash equivalents if they have a guaranteed right of redemption and their value is anchored to another asset class. (Bloomberg)