The US Securities and Exchange Commission (SEC) has updated its internal guidelines on accounting standards for dollar-pegged stablecoins, as noted by Bloomberg on Monday.
The new guidelines indicate that stablecoins can be considered equivalent to cash if they meet certain criteria, including guaranteed redemption and value stability linked to an underlying asset.
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This move is in line with SEC Chairman Paul Atkins' initiative to relax restrictive policies.
In April, the SEC clarified that certain USD-pegged stablecoins are not securities and exempted issuers from registration requirements.
In addition, Atkins recently launched Project Crypto, an initiative to modernize securities rules and regulations.