U.S. SEC Clarifies Net Capital Calculation Standards for Payment Stablecoins: 2% Haircut Rate Applies to Proprietary Positions

Odaily News According to an update on the official website of the U.S. Securities and Exchange Commission (SEC) on February 19th regarding Q&As related to "Rule 15c3-1" (the Net Capital Rule), the SEC has clarified the haircut treatment for broker-dealers when calculating net capital for their proprietary positions in payment stablecoins.

The Q&A states that if a broker-dealer identifies its proprietary holdings of payment stablecoins as having a "ready market" under Rule 15c3-1, then for net capital calculation purposes, a haircut of 2% may be applied to the greater of the market value of the long or short proprietary positions. The SEC staff will not object to this treatment.

Hester Peirce, Chair of the SEC's Crypto Assets and Cyber Unit, promptly issued a statement supporting this approach. She emphasized that stablecoins are crucial infrastructure for blockchain payments and transactions, and reasonable capital treatment helps broker-dealers utilize stablecoins more effectively in custody, settlement, and businesses related to tokenized securities. She believes that compared to the 100% haircut some brokers might adopt out of caution, the 2% haircut better aligns with the reserve backing of payment stablecoins, which primarily consists of U.S. dollars and high-quality short-term assets.