The US Sec recently took an important step that the Stablecoin market could reform. In one of the clearest statements, the agency said that some stablecoins are now not considered the ‘covered stablecoins’ as long as they meet strict conditions.
This update is already creating reactions in the industry, whereby Tether is said to be considering a shift in strategy to adapt to the new guidelines of the SEC.
“Covered stablecoins are not marketed as investments; they are previously marketed as a stable, fast, reliable and accessible way to transfer value, or to save value and not for potential profit or as investments,” the sec said.
The new SEC guidelines explains what a stablecoin makes a “covered stablecoin”, which means that it may not be treated as a security. To meet the criteria, the Stablecoin must be fully supported 1: 1 with the US dollar, must be supported by a low risk, highly liquid assets and must be exchanged at any time, at full value,
It is crucial that these tokens cannot promise a profit, pay interest, offer voting rights or represent ownership. They may only be used for payments, transfers or storing value and not as investments.
Since these stablecoins are sold as “digital dollars” and not as investments, the SEC says that they do not count as effects according to American legislation. This is a rare clear movement of the SEC, which usually takes a vague or enforcement -heavy attitude on crypto.
Mixed reactions
White House Crypto advisor David Sacks praised The movement, which calls the long-awaited clarity that reduces regulatory obstacles for fully supported, liquid, dollar-pegged stablecoins. He noted that such tokens should no longer be registered under the Securities Act.
SEC commissioner Caroline Crenshaw criticizedWarning that the guidance simplifies the Stablecoin market and is incorrectly proposing important legal concerns. She argued that the risks reject and offers a misleading picture of how these tokens actually work.
SEC -Rules Boost USDC but practice on USDT
The new guidelines help stablecoins such as USDC, but they create Tether’s USDT. This is because the SEC does not allow stablecoins to be supported by crypto or gold – both are part of the reserves of USDT.
Forbes reporter Nina Bambyssheva shared that Tether is considering a new Stablecoin that follows the American rules. The new currency would only be supported by cash and American treasury, a major shift for chain because it is confronted with more regulatory pressure.
In addition, Crypto analyst Novacula Occami also noted that the use of Bitcoin and Gold in his reserves can disqualify from the ‘Covered Stablecoin’ category of the SEC, which makes it possible to subject to stricter American securities instructions.
Tether CEO is not too concerned about the potential American ban
Tether is not too worried about a possible American ban on his current Stablecoin, USDT, according to CTO Paolo Ardoinino. The company is already thinking ahead by planning a new US -based Stablecoin that would fully meet the upcoming American regulations.
Ardoino said that the company considers USDT ideal for emerging markets, but is open to creating a separate tailor -made StableCoin for the American market.
Stablecoins see a growing adoption, even if the wider cryptomarket has to deal with a difficult first quarter. Despite the volatility, daily use increases. The Stablecoin market in particular grew in more than $ 30 billion in Q1, which showed a strong question.
