Circle has asked the SEC to align its proposed crypto-asset framework with the rules for qualifying payment stablecoins under the GENIUS Act. In a letter submitted on October 20 and summarized on October 28, the company requested guidance on using these stablecoins as consideration and settlement assets and on their cash treatment under proposed Rule 302(b). Circle also seeks to reduce the broker-dealer haircut for qualifying stablecoins from 2% to zero, subject to safeguards. These requests come from an interested market participant and are not an SEC decision, so the final rules may differ materially from the company’s proposals.
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