Circle Asks SEC to Clarify Cash Treatment for Qualifying Payment Stablecoins
Summary
Circle’s October 20 comment letter asks the SEC to coordinate its proposed crypto-asset rules with the GENIUS Act and clarify how qualifying payment stablecoins may be used for consideration and settlement. It seeks cash treatment under proposed Rule 302(b) and a reduction in broker-dealer haircuts from 2% to zero, subject to safeguards. Circle also requests clarity on how ongoing technical maintenance of functional blockchain networks should be treated. These are policy requests, not adopted SEC rules; any final treatment depends on future Commission action.
