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SEC clarifies that most stablecoins are not securities
The Securities and Exchange Commission issued a statement on Friday, clarifying that it does not deem certain stablecoins to be securities. Specifically, the agency’s Division of Corporate Finance refers to stablecoins that are “designed to maintain a stable value relative to the United States Dollar, or ‘USD,’ on a one-for-one basis, can be redeemed for USD on a one-for-one basis … and are backed by assets held in a reserve that are considered low-risk and readily liquid with a USD-value that meets or exceeds the redemption value of the stablecoins in circulation” – which it calls “covered ... (full story)
