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The US SEC Releases Interim Stablecoin Accounting Treatment Guidance
BlockBeats News, August 5th, according to Bloomberg, the U.S. Securities and Exchange Commission (SEC) is further advancing on the basis of preliminary cryptocurrency accounting rules, issuing a new staff guidance that explains that certain stablecoins can be treated as cash equivalents.
At the time of the release of this interim guidance, the SEC is formulating regulatory rules for security tokens. Under the leadership of SEC Chairman Paul Atkins, the Commission has begun to gradually repeal some of the more stringent policies, including accounting guidance previously seen as hindering traditional lending institutions from entering the crypto market.
According to the latest guidance, holding certain stablecoins pegged to the U.S. dollar, if these stablecoins have a guaranteed redemption right and are value-anchored to another class of assets, can be classified as cash equivalents.
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