A new evaluation of the United States Stock Exchange and Securities Commission offers new advances on the classification of cryptoactive ones, as a way to direct their regulation.
On this occasion, the body’s corporate finance division puts the focus on the stablcoins. As explained in a statement published on the official SEC site on April 4, most stable currencies They belong to areas outside their jurisdiction.
In this way, the SEC – now under a new leadership designated by Donald Trump – expands its cryptocurrency list not considered value titles (securities). This, provided that they meet the requirements to be classified within what they define as Covered Stablecoins (Covered Establishments).
Under this new term, the agency groups the Stablecoins that «maintain stable value in relation to the US dollar, in a proportion of one by one.»
Consequently, they are «stable covered currencies» those that have a value 1: 1 with the dollar and are sold exclusively for use in commerceas a means to make payments, transmit money and/or store value.
They must also be backed by assets held in a «low risk» reserve, in order to facilitate liquidation. If these requirements are met, the issuance and transactions with these currencies do not need to be registered with the SEC.
In that sense, it must be taken into account that one of the statement’s footnotes says that so that the stablecoins are not considered value titles, their reserves «should not include precious metals or other cryptocurrencies.»
It is thus understood within the stable covered currencies can enter Circle. Although such a statement question the USDT classificationthe most popular stable currency on the market.
In this regard, it must be considered that, although more than 80% of Tether’s reserves include cash and short -term values, almost 4% consists of precious metals. About 9% groups other investments, including BTC.
In that sense, the Declaration of the S insists that all support assets should be able to exchange at any time for dollars. Something that contrasts with Tether’s terms of service, which suggests that minimum amounts or delays can be imposed.
On this issue, the president of the Circle firm, Heath Tarbert:
The SEC has just drawn a clear line: stable currencies individually backed by high quality liquid assets, such as USDC, are not values. This certainty does not extend to other digital assets just because they call themselves ‘Stablecoins’.
The Heath of Tarbert Presidente of Circle
Based on the above, they do not enter the concept of «covered stablecoins» Stable algorithmic currenciesstable currencies that generate yield or stable currencies that track the value of assets other than the US dollar.
Stablecoins pass the Howey test
In its brief, the SD reiterates that for except stablecoins from the list of securities They should not be used as investmentnor give its holder the right to receive any interest, benefit or other yields.
As part of its evaluation, the sec submitted the stablecoins to the call Howey testa test they use to determine whether an asset is a value or not.
According to their appreciation, investors do not feel attracted to most stable currencies with the prospects for a return of their investment.
As mentioned earlier, buyers do not acquire stablcoins covered with a reasonable expectation of obtaining profits derived from business or third -party management initiatives, since these instruments are not marketed as investments or prioritize their profit potential.
Declaration of the SEC.
As Cryptonoticia reported, the work of the SEC working group is initially focused on the classification of cryptocurrencies in order to determine which are under their supervision. Therefore, this new statement from the agency adds to similar recent ads about the classification of Bitcoin mining and memecoins.