U.S. Securities & Exchange Commission Commissioner Peirce calls for SEC guidance after GENIUS Act confirms payment stablecoins are not securities

U.S. Securities & Exchange Commission Commissioner Hester M. Peirce published a statement on the GENIUS Act, highlighting that the new law confirms payment stablecoins are not securities and places primary oversight of payment stablecoin issuers with state and federal banking regulators. She said this congressional direction should prompt the SEC to clarify how SEC registrants can use payment stablecoins and support their customers’ use of them. The statement notes that privately issued stablecoins already are widely used for payments and that the GENIUS Act seeks to protect users and the financial system by establishing a regulatory framework. Peirce invited investors and SEC-regulated market participants to engage with the SEC’s Crypto Task Force on what the Commission should do, in light of the GENIUS Act, to enable SEC registrants that interact with payment stablecoins to serve customers effectively, efficiently, and safely.