US SEC Issues Interim Accounting Guidance for Stablecoins

According to a report by Jinse Finance citing Bloomberg, the U.S. Securities and Exchange Commission (SEC) is advancing beyond its preliminary cryptocurrency accounting rules by issuing new staff guidance that clarifies certain stablecoins may be treated as cash. This interim guidance comes as the SEC is formulating regulatory rules for crypto securities. Under the leadership of Chairman Paul Atkins, the Commission has begun to gradually roll back some of its stricter policies, including previous accounting guidance that was seen as a barrier for traditional lending institutions entering the crypto market. According to the latest guidance, holding certain U.S. dollar-pegged stablecoins—provided these stablecoins have guaranteed redemption rights and their value is anchored to another asset—may allow them to be classified as cash equivalents.