Circle is asking the Securities and Exchange Commission (SEC) to treat regulated stablecoins like cash in securities fundraising, broker-dealer capital calculations and customer reserve accounts. The USDC issuer wants stablecoins compliant with the GENIUS Act valued at their dollar amount and eligible for the same procedures as cash payments. It is also seeking the removal of the 2% haircut applied to stablecoin positions held by brokers, which could free regulatory capital and encourage institutional adoption. The SEC has not approved these requests, which require separate regulatory action to clarify how stablecoins are treated under securities rules.
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