The U.S. Securities & Exchange Commission’s Division of Trading and Markets published an FAQ on the treatment of payment stablecoins under the broker-dealer net capital rule, Exchange Act Rule 15c3-1. The FAQ indicates that staff would not object if a broker-dealer applies a 2% haircut to proprietary positions in a payment stablecoin when calculating net capital. The FAQ defines “payment stablecoin” by reference to issuer type, reserve asset requirements, redemption policy disclosure, and monthly attestations, with the definition shifting after the effective date of the GENIUS Act to align with that Act’s terminology and issuer categories. In a related statement, Commissioner Hester M. Peirce highlighted that Rule 15c3-1 does not explicitly address payment stablecoins and noted that some firms have contemplated a 100% haircut; she supported the 2% approach as more consistent with reserve-backed stablecoins and comparable to the haircut applied to money market fund positions. Peirce also invited market participant input on whether Rule 15c3-1 and other SEC rules should be modified to address the use of payment stablecoins by SEC-registered entities.
U.S. Securities & Exchange Commission 2026-02-19
U.S. Securities & Exchange Commission staff issues net capital FAQ allowing a 2% haircut for broker-dealer payment stablecoin positions
The U.S. Securities & Exchange Commission's Division of Trading and Markets issued an FAQ on the treatment of payment stablecoins under the broker-dealer net capital rule, allowing a 2% haircut on proprietary positions. Commissioner Hester M. Peirce supported this approach, noting it aligns with reserve-backed stablecoins and invited feedback on potential rule modifications for SEC-registered entities.